Events and Transactions}

Several events are listed below.

a. Paid \(\$ 30,000\) for land.

b. Purchased office supplies for cash.

c. Performed consulting services for a client with the amount to be collected in 30 days.

d. Signed a contract to perform consulting services over the next six months.

\section*{Required:}

For each of the events, identify which ones qualify for recognition in the financial statements. If an event does not qualify for recognition, explain why.

\section*{OBJECTIVE 3 Brief Exercise