Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During 2025, its first year of operations as a delivery service, Persimmon Corp. entered into the following transactions. Review the transactions and classify each transaction

During 2025, its first year of operations as a delivery service, Persimmon Corp. entered into the following transactions. Review the transactions and classify each transaction as either an operating activity, investing activity, or financing activity, or if no cash is exchanged, as a non-cash event. 1. 2. 3. 4. 5. 6. 7. 8. 9. Issued shares of common stock to investors in exchange for $100,000 in cash. Borrowed $45,000 by issuing bonds. Purchased delivery trucks for $60,000 cash. Received $16,000 from customers for services performed. Purchased supplies for $4,700 on account. Paid rent of $5,200. Performed services on account for $10,000. Paid salaries of $28,000. Paid a dividend of $11,000 to stockholders. - # + +
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions