Business transactionsaustin owns and operates a minimart, Ask an Expert

Accounting

Business transactions

Austin owns and operates a minimart. Which of Austin's actions described below are business transactions? Explain why any other actions are not considered business transactions.

1. Austin reduces the price of a gallon of milk in order to match the price offered by a competitor.

2. Austin pays a high school student cash for cleaning up the driveway behind the market.

3. Austin fills his son's car with gasoline in payment for his son's restocking the vend- ing machines and the snack food shelves.

4. Austin pays interest to himself on a loan he made to the business three years ago.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91951487

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