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M2-3 LO2-2 (M2-4 LO2-2 Identifying Events as Accounting Transactions For each of the following events, which ones result in an exchange transaction for Dittman Company (Y for yes and N for no)? __ (1) Six investors in Dittman Company sold their stock to another investor. - (2) The founding owner, Megan Dittman, purchased additional stock in another company. (3) The company borrowed $2,500,000 from a local bank (4) Dittman Company purchased a machine that it paid for by signing a note payable. __ (5) The company lent $300,000 to a supplier. - (6) Dittman Company ordered supplies from Staples to be delivered next week. Classifying Accounts on a Balance Sheet The following are the accounts of Rosa-Perez Company: - (1) Accounts Payable (9) Long-Term Investments (2) Accounts Receivable (10) Notes Payable (due in three years) (3) Buildings - (11) Notes Receivable (due in six months) - (4) Cash - (12) Prepaid Rent (5) Common Stock (13) Retained Earnings (6) Land - (14) Supplies (7) Merchandise Inventory (15) Utilities Payable della (8) Income Taxes Payable (16) Wages Payable In the space provided, classify each as it would be reported on a balance sheet. Use: CA for current asset CL for current liability S E for stockholders' equity NCA for noncurrent asset NCL for noncurrent liability M2-5 Determining Financial Statement Effects of Several Transactions For each of the following transactions of Dennen, Inc., for the month of January, indicate the accounts the amounts, and the direction of the effects on the accounting equation. A sample is provided. 20.000 a. (Sample) Borrowed $30,000 from a local bank. b. Lent $10,000 to an affiliate; accepted a note due in one year, 7000 c. Sold to investors 100 additional shares of stock with a par value of $0.10 per share and a market price of $5 per share; received cash. 1000 d. Purchased $15,000 of equipment, paying $5,000 cash and signing a note for the rest due in one year e. Declared and paid $2,000 in dividends to stockholders. Assets Liabilities Stockholders' Equity a. Sample: Cash +30,000 Notes Payable +30,000 5.000 9.000