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Below are several transactions for Witherspoon Incorporated, a small manufacturer of decorative glass designs. Required: For each transaction, indicate (1) whether cash is involved lyes
Below are several transactions for Witherspoon Incorporated, a small manufacturer of decorative glass designs. Required: For each transaction, indicate (1) whether cash is involved lyes or no), and, if cash is involved, (2) whether Witherspoon should classify it as operating, investing, or financing in a statement of cash flows, and (3) whether the cash is an inflow or outflow. Select N/A if the question is not applicable to the statement. Transaction Cash Involved? (Yes or No) Operating Investing or Financing ? if cash involved Inflow or Outflow? a. Borrow cash from the bank. b. Purchase supplies on account e Purchase equipment with cash d. Provide services on account Pay cash on account forb above. 1. Sel for cash a warehouse no longer in use Receive cash on account for d above h. Pay cash to workers for salaries
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