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    Accounting Dictionary

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    Transaction


    Definition:
    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. Examples of transactions are as follows:

    • Paying a supplier for services rendered or goods delivered.
    • Paying a seller with cash and a note in order to obtain ownership of a property formerly owned by the seller.
    • Paying an employee for hours worked.
    • Receiving payment from a customer in exchange for goods or services delivered.