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 6 months.
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.