Chapter 16, Problem 1EA

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

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

B. Issued common stock at par value for $12,000 cash.

C. Sold a tract of land that had cost $10,000, for $16,000.

D. Purchased a company truck, with a note payable of $38,000.

E. Collected $8,000 from customer accounts receivable.