Presented below is a list of accounting events for the Longo Corporation. Classify each of the events
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Presented below is a list of accounting events for the Longo Corporation.
Classify each of the events as an operating (O) activity event, an investing (I) activity event, a financing (F) activity event, or as none-of-the-above (N).
1. Sale of common stock for cash
2. Collection of cash on accounts receivable
3. Purchase of equipment for cash
4. Sale of inventory on credit
5. Borrowed cash from a bank
6. Payment of a cash dividend
7. Payment of utility expense using cash
8. Purchase of land using bank financing
9. Repurchase of previously issued stock using cash
10. Cash payment of interest on a bank loan
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Related Book For
Financial Accounting For Executives And MBAs
ISBN: 9781618531988
4th Edition
Authors: Wallace, Simko, Ferris
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