Selected transactions of the Acme Marine Supply Company are listed below. Classify each transaction as...
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Accounting
Selected transactions of the Acme Marine Supply Company are listed below. Classify each transaction as either an operating activity, an investing activity, a financing activity, or a noncash investing and financing activity. 1. Common stock is sold for cash above par value. 2. Bonds payable are issued for cash at a discount. 3. Interest on a short-term note receivable is collected. 4. Merchandise is sold to customers for cash. 5. Cash is paid to purchase inventory. 6. Equipment is purchased by signing a 3-year, 10% note payable. 7. Cash dividends on common stock are declared and paid. 8. One hundred shares of Amazon.com common stock are purchased for cash. 9. Land is sold for cash at book value. 10. Bonds payable are converted into common stock
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