List the steps we use to measure external transactions

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Reference no: EM131519439

Question: 1. Explain the difference between external transactions and internal transactions. If a company purchases supplies from a local vendor, would this be classified as an external or internal transaction?

2. List the steps we use to measure external transactions.

3. Each external transaction will have a dual effect on the company's financial position. Explain what this means.

4. Describe the impact of each of these external transactions on the accounting equation.

a. Receive a loan from the bank.

b. Pay employee salaries for the current period.

c. Receive cash from customers for services provided in the current period.

d. Purchase equipment by paying cash.

Reference no: EM131519439

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