1. Provide journal entries to record each of the following transactions. For each, using the capital letter only, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). PLEASE NOTE: All whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). For the journal entry, you must enter the account names exactly as written below and for accounts having similar accounting treatment (DR or CR), you are to record Income Statement accounts first, followed by Balance Sheet accounts. Cash Truck Land Loss on Sale of Land Dividends Gain on Sale of Land Accounts Receivable Common Stock Note Payable Declared and paid to shareholders, a dividend of $24,000. DR CR Transaction - Source of cash (S), Use of cash (U), or Neither (N). Issued common stock at par value for $12,000. DR CR Transaction - Source of cash (S), Use of cash (U), or Neither (N). Sold a tract of land that had cost $10,000, for $16,000. DR DR or CR? CR Transaction - Source of cash (S), Use of cash (U), or Neither (N). Purchased a company truck, with a note payable of $38,000. DR CR Transaction - Source of cash (S), Use of cash (U), or Neither (N). Collected $8,000 from customer accounts receivable. DR CR Transaction - Source of cash (S), Use of cash (U), or Neither (N).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Provide journal entries to record each of the following transactions. For each, using the capital letter only, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N).

PLEASE NOTE: All whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). For the journal entry, you must enter the account names exactly as written below and for accounts having similar accounting treatment (DR or CR), you are to record Income Statement accounts first, followed by Balance Sheet accounts.

Cash	Truck	Land
Loss on Sale of Land	Dividends	Gain on Sale of Land
Accounts Receivable	Common Stock	Note Payable

Declared and paid to shareholders, a dividend of $24,000.
DR

CR
Transaction - Source of cash (S), Use of cash (U), or Neither (N).
Issued common stock at par value for $12,000.
DR

CR
Transaction - Source of cash (S), Use of cash (U), or Neither (N).
Sold a tract of land that had cost $10,000, for $16,000.
DR

DR or CR?

CR
Transaction - Source of cash (S), Use of cash (U), or Neither (N).
Purchased a company truck, with a note payable of $38,000.
DR

CR
Transaction - Source of cash (S), Use of cash (U), or Neither (N).
Collected $8,000 from customer accounts receivable.
DR

CR
Transaction - Source of cash (S), Use of cash (U), or Neither (N).

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