EYK5_3 - (or just internal transactions ocurr as a result...

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Extend Your Knowledge 5-3: Summary of Business Activities Business Transactions (or just transactions ) are analyzed and recorded two types of transactions: Business Activities (or just activities ) Business Events (or just events ) are not recorded because the activities do not involve an economic exchange External Business Transactions (or just external transactions ) economic exchanges between two parties Internal Business Transactions
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Unformatted text preview: (or just internal transactions ) ocurr as a result of transactions within the business three types of internal transactions: Correcting Entries recorded to fix incorrect entries Adjustments recorded at the end of an accounting period to match revenues and expenses to the proper period Closing Entries recorded to transfer temporary account balances to the owner s capital account at the end of the period...
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