Which of the following represents an external transaction? a. Lapse of insurance due to passage of time.b. Use of office supplies by employees over time.c. Payment of utility bill.d. Salaries earned by employees but not yet paid.

Which of the following represents an external transaction? a. Lapse of insurance due to passage of time.b. Use of office supplies by employees over time.c. Payment of utility bill.d. Salaries earned by employees but not yet paid.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2EB: Identify whether each of the following transactions, which are related to expense recognition, are...

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Question

Which of the following represents an external transaction?
a. Lapse of insurance due to passage of time.
b. Use of office supplies by employees over time.
c. Payment of utility bill.
d. Salaries earned by employees but not yet paid.

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