The ABC Inc. company began operations on January 1 of thecurrent year. It performed several business activities during the month ofJanuary. Its two partners contributed $20,000 each, in cash, in order to startoperations. They established a contractual agreement with a supplier whoguaranteed them a 30% discount in exchange for annual $30,000 inventorypurchases. They bought office equipment worth $5,000 and office supplies at acost of $2,000. For these purchases, they used the owner-deposited funds, whichare kept at the National Bank. They established an accounting services contractwith JW Consultants so that they keep their business’s accounting ledgers for$300 a month. Is each one of theaforementioned business activities a transaction that must be recorded in theaccounting ledgers? Substantiate your answer by considering the definition andthe components of an accounting transaction.
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