Reference no: EM13536131
Classifying events as asset source, use, or exchange Vera Company experienced the following events during its first year of operations.
1. Acquired $16,000 cash from the issue of common stock.
2. Paid $3,500 cash for salary expenses.
3. Borrowed $10,000 cash from New South Bank.
4. Paid $6,000 cash to purchase land.
5. Provided boarding services for $10,500 cash.
6. Acquired an additional $1,000 cash from the issue of common stock.
7. Paid $2,400 cash for utilities expense.
8. Paid a $1,500 cash dividend to the stockholders.
9. Provided additional services for $6,000 cash.
10. Purchased additional land for $2,500 cash.
11. The market value of the land was determined to be $24,000 at the end of the accounting period.
Required
Classify each event as an asset source, use, or exchange transaction.
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