Final answer:
In a purchases and payments structure model, purchase order, invoice, and payment are considered events, while inventory is not. Checks require sufficient funds in the account, and an overdraft happens when expenses exceed the account balance, often incurring fees.
Step-by-step explanation:
In a purchases and payments structure model, the events that occur include creating a purchase order, receiving an invoice, and making a payment. Inventory is not considered an event but rather an asset or account where the goods are stored.
To use a check for payment for goods and services, you need a checking account with sufficient funds and the check must be made payable to the recipient or business. When you write a check and give it to the store, the store will deposit the check into their bank account. The store's bank will then process the check and request the money from your bank. If your checking account has sufficient funds to cover the amount, the bank will transfer the money, thus completing the payment process.
An overdraft occurs when you write a check or make a transaction that exceeds the available balance in your checking account. Your bank may allow the payment to go through, creating a negative balance. Typically, banks charge a fee for each overdraft transaction.