Question

Sana gill deposited $3,500 into a new business checking account to begin her new bookkeeping firm, gill bookkeeping. this business transaction would:__________

Answer 1

Sana Gill deposited $3500 into a new business checking account to begin her new bookkeeping firm, Gill Bookkeeping. This business transaction would increase the company's cash, and increase Sana Gill's Capital.

A business transaction is what?

A financial exchange of commodities, money, or services between two or more people is referred to as a business transaction. A commercial exchange must have a measurable monetary value in order to be considered a transaction for accounting purposes. Business dealings will have an impact on the company's finances.

A long-term service contract might be as complicated as a business transaction, or it can be as simple as a cash purchase. The following requirements must be met for a transaction to qualify as a commercial transaction:

• The deal can be valued financially.

• The company and the third party engage in the transaction.

• The deal is made on behalf of the company and not for a person's personal benefit.

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