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Description: Received a check for $72 from a customer Mr.White. Mr.White owed you $124. Which journal would the company use to record this transaction?

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Accounting

Received a check for $72 from a customer Mr.White. Mr.White owed you $124. Which journal would the company use to record this transaction?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 13MC: Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would...

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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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