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

question 135

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 stockholders.
2)____Recorded the accrual of $1,000 in salaries to be paid later.
3)____Issued common stock for $20,000 in cash.
4)____Earned revenue to be collected next year.
5)____Paid the salaries accrued in #2 above.
6)____Received cash from customers in #4 above.
7)____Purchased supplies on account.
8)____Received $500 from a customer for services to be provided later.

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Definitions:

Monopolistically Competitive

A commercial framework where a large number of businesses market goods that are comparable, but not exact duplicates, providing them with a bit of control over market conditions.

Perfectly Competitive

A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price-taking behavior.

Horizontal

Refers to something that is parallel to the horizon, often used in contrast with vertical; in economics, it may pertain to mergers between companies at the same stage of production.

Economic Profits

Refers to the financial gains that exceed the total costs, including both explicit and implicit costs, of a business.