what are these: source, use, orexchange? 1) performed services for cash 2) perfo
ID: 2433359 • Letter: W
Question
what are these: source, use, orexchange?1) performed services for cash
2) performed services for clients on account
3) collected cash from accounts receivable
4) invested cash in a certificate of deposit
5) purchased land with cash.
6) acquired cash from the issue of stock
7) paid a cash dividend to the stockholders
8) paid cash on accounts payable
9) incurred other operating expenses on account
10) paid cash for rent expense
11) closed the revenue account what are these: source, use, orexchange?
1) performed services for cash
2) performed services for clients on account
3) collected cash from accounts receivable
4) invested cash in a certificate of deposit
5) purchased land with cash.
6) acquired cash from the issue of stock
7) paid a cash dividend to the stockholders
8) paid cash on accounts payable
9) incurred other operating expenses on account
10) paid cash for rent expense
11) closed the revenue account
Explanation / Answer
what are these: source, use, orexchange?Changes in the accounts (that is, increases or decreases) areorganized as to whether cash came into the firm (a SOURCE of cash)or cash left the firm (a USE of cash). Exchange is - conversion ofcash to any other form of asset or viceversa
1) performed services for cash
Source
2) performed services for clients on account
Source - If Acct Receivable else Exchnage - Goodwill
3) collected cash from accounts receivable
Source
4) invested cash in a certificate of deposit
Exchange
5) purchased land with cash.
Exchange
6) acquired cash from the issue of stock
Source
7) paid a cash dividend to the stockholders
Use
8) paid cash on accounts payable
Use
9) incurred other operating expenses on account
Use
10) paid cash for rent expense
Use
11) closed the revenue account
Source
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