Financial accounting
3rd Edition
ISBN: 9780077506902
Author: David J Spieceland Wayne Thomas Don Herrmann
Publisher: Mcgraw-Hill
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Textbook Question
Chapter 1, Problem 1.1E
The following provides a list of transactions and a list of business activities.
| Transactions | Business Activities |
| 1. _____ Borrow from the bank. | a. Financing |
| 2. _____ Provide services to customers. | b. Investing |
| 3. _____ Issue common stock to investors. | c. Operating |
| 4. _____ Purchase land. | |
| 5. _____ Pay rent for the current period. | |
| 6. _____ -Pay dividends to stockholders. | |
| 7. _____ Purchase building. |
Required:
Match the transaction with the business activity by indicating the letter that corresponds to the appropriate business activity.
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For each of the transactions above, indicate the amount of the adjusting entry on the elements of the balance sheet and income statement.Note: Enter negative amounts with a minus sign.
Chapter 1 Solutions
Financial accounting
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