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Vera Company experienced the following events during its first year of operations. 1. Acquired $16,000 cash from the issue of common stock. 2. Paid $3,500
Vera Company experienced the following events during its first year of operations. 1. Acquired $16,000 cash from the issue of common stock. 2. Paid $3,500 cash for salary expenses. 3. Borrowed $10,000 cash from New South Bank. 4. Paid $6,000 cash to purchase land. 5. Provided boarding services for $10,500 cash. 6. Acquired an additional $1,000 cash from the issue of common stock. 7. Paid $2,400 cash for utilities expense. 8. Paid a $1,500 cash dividend to the stockholders. 9. Provided additional services for $6,000 cash. 10. Purchased additional land for $2,500 cash. 11. The market value of the land was determined to be $24,000 at the end of the accounting period. Required: Classify each event as an asset source, use, or exchange transaction. IF not applicaple say N/A
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