Braxton Corp. was organized on January 1 to operate a limousines service to and from the airport. For each of the following business activities, indicate whether it is a financing (F), investing (I),...

Braxton Corp. was organized on January 1 to operate a limousines service to and from the airport. For each of the following business activities, indicate whether it is a financing (F), investing (I), or operating (O) activity.

_______ 1. Issued shares of stock to each of the four owners.

_______ 2. Purchased two limousines.

_______ 3. Paid first month’s rent for use of garage.

_______ 4. Obtained loan from local bank.

_______ 5. Received cash from customer for trip to the airport.

_______ 6. Paid driver first week’s wages.

_______ 7. Purchased 500-gallon fuel tank.