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Q1) Accounting system of most businesses, whether manual or computer-based, is some form of double-entry system of accounting.

 

Describe how double-entry system is applied in accounting for following transaction:

 

Royalty Company purchases a piece of equipment costing $5,000, paying $2,000 cash with balance of purchase price to be paid within 60 days.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921775

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