Question

company has the following revenue and expense data for the year Service revenue 100,000: Rent Income 40,000: Salary expense 20,000: Utility expense 50,000: Supplies expense 14,000​

Answer 1

Answer:

An accounting transaction is a business activity or event that causes a measurable change in the accounting equation. An exchange of cash for merchandise is a transaction. Merely placing an order for goods is not a recordable transaction because no exchange has taken place. In the coming sections, you will learn more about the different kinds of financial statements accountants generate for businesses.