Events and Transactions\ The following economic events related to K&B Grocery Store occurred during the year:\ Required:\ Conceptual Connection: Using the words "qualify" and "does not qualify," indicate whether each of the following events would qualify as a transaction and be recognized and recorded in the accounting system on the date indicated.\ a. On February 7, K&B received a bill from Indianapolis Power and Light indicating that it had used electric power during January at a cost of

$220

; the bill need not be paid until March.\ b. On February 15, K&B placed an order for a new cash register with NCR, for which

$800

would be paid after delivery.\ c. On February 21, the cash register ordered on February 15 was delivered. Payment was not due until March.\ d. On February 22 , the K&B store manager purchased a new passenger car for

$35,000

in cash. The car is entirely for personal use and was paid for from the manager's personal assets.\ e. On February 24, K&B signed a 2-year extension of the lease on the store building occupied by the store. Beginning with the March payment, the new lease required an increase in the monthly rental from

$5,750

to

$5,900

.\ f. On March 1, K&B paid

$220

to Indianapolis Power and Light.\ g. On March 5, K&B paid

$5,900

to its landlord for March rent on the store building.

The following economic events related to K\&B Grocery Store occurred during the year: Required: 1. Conceptual Connection: Using the words "qualify" and "does not qualify," indicate whether each of the following events would qualify as a transaction and be recognized and recorded in the accounting system on the date indicated. a. On February 7, K\&B received a bill from Indianapolis Power and Light indicating that it had used electric power during January at a cost of $220; the bill need not be paid until March. b. On February 15, K\&B placed an order for a new cash register with NCR, for which $800 would be paid after delivery. c. On February 21, the cash register ordered on February 15 was delivered. Payment was not due until March. d. On February 22, the K\&B store manager purchased a new passenger car for $35,000 in cash. The car is entirely for personal use and was paid for from the manager's personal assets. e. On February 24, K\&B signed a 2-year extension of the lease on the store building occupied by the store. Beginning with the March payment, the new lease required an increase in the monthly rental from $5,750 to $5,900. f. On March 1, K\&B paid $220 to Indianapolis Power and Light. g. On March 5, K\&B paid $5,900 to its landlord for March rent on the store building