if a customer makes a partial payment of $100 on a service which has already been billed, you would record this transaction into the accounting equation by:

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13-09-2022
Business

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if a customer makes a partial payment of $100 on a service which has already been billed, you would record this transaction into the accounting equation by:

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Tutorconsortium352 Tutorconsortium352 · Answer 1 · 2022-09-16T00:52:41-04:00

A customer makes a partial payment of $100 on a service for which you have already billed him, you would record this transaction into the accounting equation by increasing Cash and decreasing Accounts Receivable.

What is transaction?

A completed transaction is an agreement between a buyer and a seller to trade goods, services, or financial assets in exchange for cash.

A transaction in computer programming is typically defined as a sequence of information exchange and associated work (such as database updating) that is handled as a single entity for the purposes of completing a request and maintaining database integrity.

Money transfers into or out of your bank account are referred to as bank transactions. A few examples of bank transactions are cash withdrawals or deposits, checks, online payments, debit card charges, wire transfers, and loan payments.

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