Question

Provide journal entries to record each of the following transactions. For each, using the capital letter only, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). PLEASE NOTE: All whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). For the journal entry, you must enter the account names exactly as written below and for accounts having similar accounting treatment (DR or CR), you are to record Balance Sheet accounts first, followed by Income Statement accounts. Cash Truck Land Loss on Sale of Land Dividends Gain on Sale of Land Accounts Receivable Common Stock Note Payable Declared and paid to shareholders, a dividend of $24,000. DR CR Transaction is _Source of cash (S), Use of cash (U), or Neither (N). Issued common stock at par value for $12,000. DR CR Transaction is Source of cash (S), Use of cash (U), or Neither (N). Sold a tract of land that had cost $10,000, for $16,000. DR DR or CR? CR Transaction is Source of cash (S), Use of cash (U), or Neither (N). Purchased a company truck, with a note payable of $38,000. DR CR Transaction is Source of cash (S), Use of cash (U), or Neither (N). Collected $8,000 from customer accounts receivable. DR CR Transaction is __Source of cash (S), Use of cash (U), or Neither (N).

          Provide journal entries to record each of the following
transactions. For each, using the capital letter
only, identify whether the transaction represents a source
of cash (S), a use of cash (U),
or neither (N).
PLEASE NOTE: All whole dollar amounts
will be with "$" and commas as needed (i.e. $12,345). For the
journal entry, you must enter the account names exactly as written
below and for accounts having similar accounting treatment (DR or
CR), you are to record Balance Sheet accounts first, followed by
Income Statement accounts.
Cash
Truck
Land
Loss on Sale of Land
Dividends
Gain on Sale of Land
Accounts Receivable
Common Stock
Note Payable
Declared and paid to shareholders, a dividend of $24,000.
DR
CR
Transaction is ___________Source of cash (S), Use of cash (U),
or Neither (N). 
Issued common stock at par value for $12,000.
DR
CR
Transaction is __________Source of cash (S), Use of cash (U),
or Neither (N). 
Sold a tract of land that had cost $10,000, for $16,000.
DR
DR or CR? 
CR
Transaction is __________Source of cash (S), Use of cash (U),
or Neither (N). 
Purchased a company truck, with a note payable of $38,000.
DR
CR
Transaction is __________ Source of cash (S), Use of cash
(U), or Neither (N). 
 Collected $8,000 from customer accounts receivable.
DR
CR
Transaction is __________Source of cash (S), Use of cash (U),
or Neither (N).

Added by Vanessa K.

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