A company enters into the following economic events: 1. Hired a new receptionist. 2. Billed customers for
Question:
1. Hired a new receptionist.
2. Billed customers for services performed.
3. Announced the signing of a contract that should produce $100,000 of new revenue.
4. Paid for insurance that will not be used until next year.
Required
Indicate whether each economic event would be considered an accounting transaction.
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