For Each of the Following Transactions, Indicate the Type by Entering

question 31

Essay

For each of the following transactions, indicate the type by entering AS for asset source transactions, AU for asset use transactions, AE for asset exchange transactions, and CE for claims exchange transactions.1)________ Paid $2,000 in dividends to its stockholders2)________ Recorded the accrual of $1,000 in salaries to be paid later3)________ Issued common stock for $20,000 in cash4)________ Earned revenue to be collected next year5)________ Paid the salaries accrued in #2 above6)________ Received cash from customers in #4 above7)________ Purchased land for cash

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Definitions:

Financial Position

A snapshot of the assets, liabilities, and equity of a business at a given point in time, illustrating the company's financial health.

Changes in Equity

Adjustments in a company’s equity during a specific period due to factors like earnings, dividends, or changes in share capital.

Total Assets

Total Assets refer to the sum of all current and non-current assets owned by a company, representing its resources with economic value.

Canada Revenue Agency

The federal agency responsible for the administration of tax laws for the Government of Canada, as well as for various social and economic benefit and incentive programs.