Which piece of chapter equipment serves as a record of activities and events?

The scrapbook serves as a record of activities and events because it is specifically designed to collect, preserve, and display information about the chapter's history and activities. It typically includes photographs, articles, awards, and other memorabilia that document the chapter's accomplishments, milestones, and significant events. This visual and tangible representation helps members reflect on their experiences and achievements over time, providing a narrative of the chapter's journey.

In contrast, the American flag and gavel are important symbols in meetings and ceremonies but do not serve the purpose of recording events or activities. The term "paraphernalia" generally refers to various tools or items used in the context of the organization's activities but does not specifically denote a record-keeping function. Therefore, the scrapbook is uniquely qualified as the correct answer in this context.