Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 28

Identifying Events as Accounting Transactions
Do the following events result in a recordable transaction for The Toro Company Answer yes or no for each.
______ 1. Toro purchased robotic manufacturing equipment that it paid for by signing a note payable.
______ 2. Toro's president purchased stock in another company for his own portfolio.
______ 3. The company lent $550 to an employee.
______ 4. Toro ordered supplies from Office Max to be delivered next week.
______ 5. Six investors in Toro sold their stock to another investor.
______ 6. The company borrowed $2,500,000 from a local bank.