Reference no: EM13920091

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

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

Required: 

Classify each event as an asset source, use, or exchange transaction.