There are three major functional areas in accounting, which have to be thought-about in modern-day accounting for any enterprise. For instance, in the previous transaction, Supreme Cleaners had the bill for $200. Mark Summers needs to record this $200 in his monetary information. He wants to choose what accounts symbolize this transaction, whether or not or not this transaction will increase or decreases the accounts, and how that impacts the accounting equation earlier than he can record the transaction in his journal. He wants to do that course of for every transaction occurring in the course of the interval.
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