OC A potential customer is extremely interested in renting a bicycle from Toronto Island Bike Rentals He emails his intention to rent a bike next month and sets date and time for the rental Would an accountant consider this event a transaction to be recorded in the accounting records? Explain An intention to rent is not a transaction because an event has not yet occurred that affects the financial position of the company and can be measur will have taken place reliably When a source document is received or when cash changes hands then