Chapter 16, Problem 1PB

Provide journal entries to record each of the following transactions. For each, also identify: *the appropriate section of the statement of cash flows, and **whether the transaction represents a source of cash (S), a use of cash (U), or neither (N).

A. reacquired $30,000 treasury stock

B. purchased inventory for $20,000

C. issued common stock of $40,000 at par

D. purchased land for $25,000

E. collected $22,000 from customers for accounts receivable

F. paid $33,000 principal payment toward note payable to bank