For each of the following transactions indicate whether, Ask an Expert

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For each of the following transactions, indicate whether operating (O), investing (I), or financing activities (F) are affected and whether the effect is a cash inflow (+) or outflow (-), or (NE) if the transaction has no effect on cash.

1. Purchased new equipment by signing a promissory note.

2. Recorded and paid income taxes to the federal government.

3. Issued shares of stock for cash.

4. Prepaid rent for the following period

5. Recorded an adjusting entry for expiration of a prepaid expense.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9976907

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