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Identify each of the following independent transactions as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also explain how each
Identify each of the following independent transactions as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also explain how each event affects assets, liabilities, stockholders' equity, net income, and cash flow by selecting a + for increase or -- for decrease. Columns for events that have no effect on any of the elements should be left blank. The first event is recorded as an example. (Note: Not all cells will require an input.) a. Provided services on account. b. Wrote off an uncollectible account (use the direct write-off method) c Loaned cash to H. Phillips for one year at 6 percent interest. d. Collected cash from customers paying their accounts. e. Pald cash for land. . Sold merchandise at a price above cost. Accepted payment by credit card. The credit card company charges a service fee. The receipts have not yet been forwarded to the credit card company 9. Provided services for cash. h. Pald cash for operating expenses. L. Pald cash for salaries expense. .Recovered an uncollectible account that had been previously written off (assume the direct write-off method is used to account for uncollectible accounts) k. Pald cash to creditors on accounts payable. Recorded three months of accrued interest on the note receivable (see item a m. Submitted receipts to the credit card company (see item and collected cash n. Sold land at its cost. Event Assets Liabilities Type of Event AS Common Stock Retained Earnings Net Income Cash Flows a. + b. AU c. AE +/- d. AE +- e. AE +/- + f1. f2. 9. h. . AS AU AS AU AU AS AU AS -- k. 1. m. AE +/- +/- n. AE
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