Analyze each transaction
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To analyze each transaction, debits and credits are taken into account. =) A description is given with each transaction* in the source documents.
*(discussed on previous page)
*(discussed on previous page)
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Transactions occur everyday between businesses with accounts such as Cash in Bank or Owner's Capital.
Example:
"Bought computer equipment from Computers and More for $400 on account, Invoice 473."
The accounts affected in this transaction are Computer Equipment and Accounts Payable-Computers and More.
Example:
"Bought computer equipment from Computers and More for $400 on account, Invoice 473."
The accounts affected in this transaction are Computer Equipment and Accounts Payable-Computers and More.