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30-11-2022
Business

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Chicago consulting, an engineering consulting firm, provided $6,000 of services to a client; the client paid $2,000 when the bill was submitted and will pay the balance within a week. Chicago consulting will record this transaction by:.

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tutorconsortium204 tutorconsortium204

01-12-2022

Chicago consulting will record this transaction by: Cash is 2000, Fees receivable is 4000 and Fees revenue is 6000.

A transaction is what?

A transaction is an agreement that has been legally ratified between a buyer and a seller to exchange money for goods, services, or financial assets. In accounting for businesses, the expression is also commonly used.

How should transactions be used?

It's typically a simple process to complete a sale between two parties. For a good or service, Person A provides Person B with payment. The agreement of the terms and the exchange of money for the good or service constitute the completion of the transaction.

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