Types of Business Activities
Braxton Corp. was organized on January 1 to operate a limousines service to and from the air- port. For each of the following business activities, indicate whether it is a financing (F), investing (I), or operating (O) activity.
1. Issued shares of stock to each of the four owners.
2. Purchased two limousines.
3. Paid first month's rent for use of garage.
4. Obtained loan from local bank.
5. Received cash from customer for trip to the airport.
6. Paid driver first week's wages.
7. Purchased 500-gallon fuel tank.