NEED SOLUTION ASAP THANKS IN ADVANCE Events and Transactions Several events are listed below Required 1 Conceptual Connection For each of the events, identify which ones qualify for recognition in the financial statements 2 Conceptual Connection For events that do not qualify for recognition, explain your reasoning Qualified for recognition in the financial statement Why (Pick one option) a Common stock is issued to investors Yes No The event impacts a financial statement element It is an external event It is separate from its owner b An agreement is signed with a janitorial service to provide cleaning services over the next 12 months Yes No One party to the contract needs to perform its responsibility It can be recorded and reported It is a transaction c Inventory is purchased Yes No The event impacts a financial statement element It is an external event It is separate from its owner d Inventory is sold to customers Yes No The event impacts a financial statement element It is an external event It is separate from its owner e Two investors sell their common stock to another investor Yes No Does not affect the overall common stock of the company It is an external event It is a transaction f A 2 year insurance policy is purchased Yes No The event impacts a financial statement element It is an external event It is separate from its owner

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NEED SOLUTION ASAP! THANKS IN ADVANCE!!

Events and Transactions

Several events are listed below.

Required:

1. Conceptual Connection: For each of the events, identify which ones qualify for recognition in the financial statements.

2. Conceptual Connection: For events that do not qualify for recognition, explain your reasoning.

		Qualified for recognition in the financial statement?	Why? (Pick one option)
a.	Common stock is issued to investors.	Yes/No	The event impacts a financial statement element/It is an external event/It is separate from its owner.
b.	An agreement is signed with a janitorial service to provide cleaning services over the next 12 months.	Yes/No	One party to the contract needs to perform its responsibility/It can be recorded and reported/It is a transaction.
c.	Inventory is purchased.	Yes/No	The event impacts a financial statement element/It is an external event/It is separate from its owner.
d.	Inventory is sold to customers.	Yes/No	The event impacts a financial statement element/It is an external event/It is separate from its owner.
e.	Two investors sell their common stock to another investor.	Yes/No	Does not affect the overall common stock of the company/It is an external event/It is a transaction.
f.	A 2-year insurance policy is purchased.	Yes/No	The event impacts a financial statement element/It is an external event/It is separate from its owner.