Ch 1&2 Exercise ACG2021-Principles of Financial Accounting CH 1: Instructions: Record the impact of the following transactions on the Basic Accounting Equation and Cash Flows for a company that began operations on 1/1/2018. Also, categorize the entry as in the Type field: Version 5-1 TYPE COLUMN: Asset Source ISi- Increase Assets and increase claims on Assets (i.e. Liabilities or Equity) Asset Exchange (E)- Increase Assets and decrease other Assets Asset Use (U Decrease Assets and decrease claims on Assets (i.e. Liabilities or Equity) 1) Borrowed $20 cash and signed a note payable in return. 2) Received $80 cash from issuing common stock. 3) Rank received $35 in revenue from performing services. 4) Paid $15 to purchase land. 5) Paid $10 in salaries to Rank's employees 6) Rank paid $5 in cash dividends to its stockholders. Cash Flows Column: OA= Operating Activities A-Investing Activities FA- Financing Activities Balance Sheet Liabilities+ Income Statement Assets Common Retained Net es Income Flow Notes Cash Cash LandPayable Stock Earn Revenues 1) 2) 3) 4) 5) 6) TOT