For each of the following events, identify whether it is an external event that would be recorded as a transaction (E), an internal event that would be recorded as a transaction (I), or not recorded (NR).
_________ 1. A vendor for a company’s supplies is paid an amount owed on account.
_________ 2. A customer pays its open account.
_________ 3. A new chief executive officer is hired.
_________ 4. The biweekly payroll is paid.
_________ 5. Depreciation on equipment is recognized.
_________ 6. A new advertising agency is hired to develop a series of newspaper ads for the company.
_________ 7. The advertising bill for the first month is paid.
_________ 8. The accountant determines the federal income taxes owed based on the income earned during the period.