Question

(17) What is a transaction? Explain with types​

Answer 1

Answer:

There are four main types of financial transactions that occur in a business. These four types of financial transactions are sales, purchases, receipts, and payments. ... Sales transactions are recorded in the accounting journal for the seller as a debit to cash or accounts receivable and a credit to the sales account.

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Answer 2

Explanation:

There are four main types of financial transactions that occur in a business. These four types of financial transactions are sales, purchases, receipts, and payments. ... Sales transactions are recorded in the accounting journal for the seller as a debit to cash or accounts receivable and a credit to the sales account.

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