All of the following events at a sandwich shop are transactions except a. A customer purchases a sandwich. b. A delivery of coffee beans purchased on account from the local roaster is received. c. A representative from the local university contacts the manager of the shop to get a list of catering services. d. The accountant for the sandwich shop pays the electric bill.

Question

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Answer 1

Textbook Question

Chapter 2, Problem 1QC

All of the following events at a sandwich shop are transactions except

a. A customer purchases a sandwich.
b. A delivery of coffee beans purchased on account from the local roaster is received.
c. A representative from the local university contacts the manager of the shop to get a list of catering services.
d. The accountant for the sandwich shop pays the electric bill.

Expert Solution & Answer

To determine

To identify: Which of the given option is not considered as an event.

Answer to Problem 1QC

c. A representative from the local university contacts the manager of the shop to get a list of catering services.

Explanation of Solution

A transaction is a business event which has a monetary value that creates an impact on the business. The process of identifying the economic effects of each transaction of the business is known as transaction analysis. Transactions always has two sides, they are,

Something is given, and
Something is received in return

Option “a, b, and d” are not correct answer as per above explanation, only option “c” is correct answer as per above explanation. Hence, the correct answer is option c.

Conclusion

Therefore, the correct option is (c), a representative from the local university contacts the manager of the shop to get a list of catering services.

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01:03

Students have asked these similar questions

All of the following events at a sandwich shop are transactions excepta. A customer purchases a sandwich.b. A delivery of coffee beans purchased on account from the local roaster is received.c. A representative from the local university contacts the manager of the shop to get a listof catering services.d. The accountant for the sandwich shop pays the electric bill.

Food To Go is a local catering service. Conceptually, when should Food To Go recognize revenue from its catering service? (Assume the company reports using ASPE.) a.At the date the customer's payment is received. b.At the date the invoice is mailed to the customer. c.At the date the customer places the order. d.At the date the meals are served.

a customer purchases a milkshake from epic burger and pays with a credit card. the journal entries that epic burger makes to record this transaction will include a: a. debit to cash b. credit to COGS c. Credit to Sales d. Debit to inventory

Answer 2

Textbook Question

Chapter 2, Problem 1QC

All of the following events at a sandwich shop are transactions except

a. A customer purchases a sandwich.
b. A delivery of coffee beans purchased on account from the local roaster is received.
c. A representative from the local university contacts the manager of the shop to get a list of catering services.
d. The accountant for the sandwich shop pays the electric bill.

Expert Solution & Answer

To determine

To identify: Which of the given option is not considered as an event.

Answer to Problem 1QC

c. A representative from the local university contacts the manager of the shop to get a list of catering services.

Explanation of Solution

A transaction is a business event which has a monetary value that creates an impact on the business. The process of identifying the economic effects of each transaction of the business is known as transaction analysis. Transactions always has two sides, they are,

Something is given, and
Something is received in return

Option “a, b, and d” are not correct answer as per above explanation, only option “c” is correct answer as per above explanation. Hence, the correct answer is option c.

Conclusion

Therefore, the correct option is (c), a representative from the local university contacts the manager of the shop to get a list of catering services.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

01:03

Answer 3

Textbook Question

Chapter 2, Problem 1QC

All of the following events at a sandwich shop are transactions except

a. A customer purchases a sandwich.
b. A delivery of coffee beans purchased on account from the local roaster is received.
c. A representative from the local university contacts the manager of the shop to get a list of catering services.
d. The accountant for the sandwich shop pays the electric bill.

Expert Solution & Answer

To determine

To identify: Which of the given option is not considered as an event.

Answer to Problem 1QC

c. A representative from the local university contacts the manager of the shop to get a list of catering services.

Explanation of Solution

A transaction is a business event which has a monetary value that creates an impact on the business. The process of identifying the economic effects of each transaction of the business is known as transaction analysis. Transactions always has two sides, they are,

Something is given, and
Something is received in return

Option “a, b, and d” are not correct answer as per above explanation, only option “c” is correct answer as per above explanation. Hence, the correct answer is option c.

Conclusion

Therefore, the correct option is (c), a representative from the local university contacts the manager of the shop to get a list of catering services.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

01:03

Answer 4

Textbook Question

Chapter 2, Problem 1QC

All of the following events at a sandwich shop are transactions except

a. A customer purchases a sandwich.
b. A delivery of coffee beans purchased on account from the local roaster is received.
c. A representative from the local university contacts the manager of the shop to get a list of catering services.
d. The accountant for the sandwich shop pays the electric bill.

Expert Solution & Answer

To determine

To identify: Which of the given option is not considered as an event.

Answer to Problem 1QC

c. A representative from the local university contacts the manager of the shop to get a list of catering services.

Explanation of Solution

A transaction is a business event which has a monetary value that creates an impact on the business. The process of identifying the economic effects of each transaction of the business is known as transaction analysis. Transactions always has two sides, they are,

Something is given, and
Something is received in return

Option “a, b, and d” are not correct answer as per above explanation, only option “c” is correct answer as per above explanation. Hence, the correct answer is option c.

Conclusion

Therefore, the correct option is (c), a representative from the local university contacts the manager of the shop to get a list of catering services.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

To identify: Which of the given option is not considered as an event.

Answer to Problem 1QC

c. A representative from the local university contacts the manager of the shop to get a list of catering services.

Explanation of Solution

A transaction is a business event which has a monetary value that creates an impact on the business. The process of identifying the economic effects of each transaction of the business is known as transaction analysis. Transactions always has two sides, they are,

Something is given, and
Something is received in return

Option “a, b, and d” are not correct answer as per above explanation, only option “c” is correct answer as per above explanation. Hence, the correct answer is option c.

Conclusion

Therefore, the correct option is (c), a representative from the local university contacts the manager of the shop to get a list of catering services.

Answer 8

Expert Solution & Answer

To determine

To identify: Which of the given option is not considered as an event.

Answer to Problem 1QC

c. A representative from the local university contacts the manager of the shop to get a list of catering services.

Explanation of Solution

A transaction is a business event which has a monetary value that creates an impact on the business. The process of identifying the economic effects of each transaction of the business is known as transaction analysis. Transactions always has two sides, they are,

Something is given, and
Something is received in return

Option “a, b, and d” are not correct answer as per above explanation, only option “c” is correct answer as per above explanation. Hence, the correct answer is option c.

Conclusion

Therefore, the correct option is (c), a representative from the local university contacts the manager of the shop to get a list of catering services.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

To identify: Which of the given option is not considered as an event.

Answer 12

Answer to Problem 1QC

c. A representative from the local university contacts the manager of the shop to get a list of catering services.

Answer 13

Explanation of Solution

A transaction is a business event which has a monetary value that creates an impact on the business. The process of identifying the economic effects of each transaction of the business is known as transaction analysis. Transactions always has two sides, they are,

Something is given, and
Something is received in return

Option “a, b, and d” are not correct answer as per above explanation, only option “c” is correct answer as per above explanation. Hence, the correct answer is option c.

Answer 14

Conclusion

Therefore, the correct option is (c), a representative from the local university contacts the manager of the shop to get a list of catering services.

Answer 15

Ch. 2 - All of the following events at a sandwich shop are...Ch. 2 - Identify the asset from the following list of...Ch. 2 - Amounts owed to a company by its customers would...Ch. 2 - Thorpe Corporation purchases a new delivery truck...Ch. 2 - Adam Corporation issues stock to Cara Riley in...Ch. 2 - Blake Company completed a consulting job and...Ch. 2 - Prob. 7QC Ch. 2 - Accounts Payable had a normal beginning balance of...Ch. 2 - Which of the following debit and credit rules is...Ch. 2 - A companys beginning Cash balance was 8,000. At...

Answer to Problem 1QC

Explanation of Solution

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