Chapter 1, Problem 13E

Exercise 1-13A Classifying events as asset source, use, or exchange

Nevada Company experienced the following events during its first year of operations:

1. 1. Acquired an additional $1,000 cash from the issue of common stock.
2. 2. Paid $2,400 cash for utilities expense.
3. 3. Paid a $1,500 cash dividend to the stockholders.
4. 4. Provided additional services for $6,000 cash.
5. 5. Purchased additional land for $2,500 cash.
6. 6. The market value of the land was determined to be $24,000 at the end of the accounting period.
7. 7. Acquired $16,000 cash from the issue of common stock.
8. 8. Paid $3,500 cash for salary expense.
9. 9. Borrowed $10,000 cash from New South Bank.
10. 10. Paid $6,000 cash to purchase land.
11. 11. Provided boarding services for $10,500 cash.

Required

Classify each event as an asset source, use, or exchange transaction or as not applicable.