Indicate whether each of the following events is an internal transaction, an external transaction, or a non-transaction
Question:
Indicate whether each of the following events is an internal transaction, an external transaction, or a non-transaction event. Explain your answer in each case:
(a) Receipt of money from a customer in payment of services to be provided early in the next accounting period.
(b) Equipment is used to provide a service for a customer
(c) The human resources department provided services to the customer service department.
(d) A building owned by the business increased in value
(e) Received payment from a customer on account for services provided in the previous accounting period.
(f) A prospective employee is interviewed and hired for a job
(g) Stationery supplies are used by an employee.
Step by Step Answer:
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett