Christy Byrd tells you that the accountants where she works are real hair splitters. For example, they
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a. Explain to Christy the difference between a cost and an expense from an accountant’s perspective.
b. Explain whether each of the following events produces an asset or an expense.
(1) Purchased a building for cash.
(2) Purchased supplies on account.
(3) Used supplies on hand to produce revenue.
(4) Paid in advance for insurance on the building.
(5) Recognized accrued salaries.
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