Knowledge Check 01 Business transactions include two types. Indicate whether the following transactions are external or internal events. Transactions 1. Using equipment over several years 2. Investment of cash in the business by the owners in exchange for ownership shares 3. Borrowing cash from a bank and signing a promissory note for repayment 4. Using up insurance paid in advance 5. Purchase of equipment for cash 6. Sale of merchandise to customers on account Events