Dealing between two persons
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- ᴀɴ ᴇᴠᴇɴᴛ ɪɴᴠᴏʟᴠɪɴɢ sᴏᴍᴇ ᴠᴀʟᴜᴇ ʙᴇᴛᴡᴇᴇɴ ᴛᴡᴏ ᴏʀ ᴍᴏʀᴇ ᴇɴᴛɪᴛɪᴇs. ɪᴛ ᴄᴀɴ ʙᴇ ᴘᴜʀᴄʜᴀsᴇ ᴏғ ɢᴏᴏᴅs, ʀᴇᴄᴇɪᴘᴛ ᴏғ ᴍᴏɴᴇʏ, ᴘᴀʏᴍᴇɴᴛ ᴏғ ᴄʀᴇᴅɪᴛᴏʀ, ɪɴᴄᴜʀʀɪɴɢ ᴇxᴘᴇɴsᴇs, ᴇᴛᴄ. ɪᴛ ᴄᴀɴ ʙᴇ ᴀ ᴄᴀsʜ ᴛʀᴀɴsᴀᴄᴛɪᴏɴ ᴏʀ ᴀ ᴄʀᴇᴅɪᴛ ᴛʀᴀɴsᴀᴄᴛɪᴏɴ.
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An event involving some value between two or more entities. It can be purchase of goods, receipt of money, payment of creditor, incurring expenses, etc. It can be a cash transaction or a credit transaction. A transaction is a business event that has a monetary impact on an entity's financial statements, and is recorded as an entry in its accounting records. A high-volume transaction, such as billing to a customer, may be recorded in a specialized journal, which is then summarized and posted to the general ledger. Alternatively, lower-volume transactions are posted directly to the general ledger.
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