Determined the market value of the land to be 18000 at the


Dale's Business Services experienced the following events during its first year of operations:

1. Acquired $20,000 cash from the issue of common stock. 
2. Borrowed $12,000 cash from First Bank. 
3. Paid $5,000 cash to purchase land. 
4. Received $25,000 cash for providing boarding services.
5. Acquired an additional $5,000 cash from the issue of common stock. 
6. Purchased additional land for $4,000 cash. 
7. Paid $10,000 cash for salary expense. 
8. Signed a contract to provide additional services in the future. 
9. Paid $1,200 cash for rent expense. 
10. Paid a $1,000 cash dividend to the stockholders. 
11. Determined the market value of the land to be $18,000 at the end of the accounting period.

Required: 

Classify each event as an asset source, use, or exchange transaction or as not applicable (NA). 

Solution Preview :

Prepared by a verified Expert
Accounting Basics: Determined the market value of the land to be 18000 at the
Reference No:- TGS01224270

Now Priced at $15 (50% Discount)

Recommended (98%)

Rated (4.3/5)