For each of the following events, identify whether it is an external event that

Question

For each of the following events, identify whether it is an external event that would be recorded as a transaction (E), an internal event that would be recorded as a transaction (I), or not recorded (NR)

1. A vendor for a company’s supplies is pain an amount owed on an account
2. A customer pays its open account
3. A new chief executive officer is hired
4. The biweekly payroll is paid.
5. Depreciation on equipment is recognized.
6. A new advertising agency is hired to develop a series of newspaper ads for the company.
7. The advertising bill for the first month is paid.
8. The accountant determines the federal income taxes owed based on the income earned during the period.

Explanation / Answer

1.E 2.I 3.NR 4.I 5.I 6.E 7.I 8.NR I hope I have answered to the best of my ability. I hope these answers help you.

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