Problem 1-3 Determine if each of the following is a transaction. 1. Hired an accountant at an annual rate of $50,000. 2. Paid the secretary $250. 3. Signed a contract and promised to begin servicing the client at a monthly rate of $1,500. 4. Purchased equipment on credit, S1,500. 5. Paid utility bill, $250. 6. Received an electric bill to be paid in 30 days, $215. 7. Purchased a 1 year insurance policy, $525. 8. Paid six months' rent, $6,000. 9. Received a $400 deposit on work that is to begin in 10 days. 10. Owner invested $75,000 in the business