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Description: Purchase of $100 worth of office supplies, for cash, was not recorded at all.What SHOULD the transaction have looked like?

Business

Accounting

orth of office supplies, for cash, was not recorded at all. What SHOULD the transaction have looked like?

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.1: Buying Plant Assets And Paying Property Taxes

Problem 1AYU

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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What SHOULD the transaction have looked like?

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