Tell Whether Each of the Following Events Are Asset Source

question 54

Essay

Tell whether each of the following events are asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE) transactions.
_____1) Issued common stock to investors for $8,000 cash
_____2) Paid one year's rent in advance
_____3) Provided services to customers and received $35,000 cash
_____4) Paid creditors $10,000
_____5) Received $3,000 of revenue in advance
_____6) Provided services to customers on account, $12,000
_____7) Collected $2,000 from accounts receivable
_____8) Recognized accrued salary expense of $2,000
_____9) Borrowed $6,000 from creditors
_____10) Adjusted the records for supplies used of $800

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Definitions:

Federal Government

The national government of a federal country, where power is divided between a central authority and constituent units, responsible for areas like defense, foreign policy, and regulating interstate commerce.

Economic Independence

The condition of having sufficient personal wealth to live, without needing to work for basic necessities, allowing for financial self-sufficiency.

American System

An economic plan that played a prominent role in American policy during the first half of the 19th century, advocating for a strong role for federal government in the economy, including a national bank, high tariffs, and internal improvements.

Mass Followings

The phenomenon where a large number of individuals support a particular leader, movement, or social trend, often seen in contexts ranging from celebrity fandom to political campaigns.