Question

Three things you can define when you memorize a transaction

Answer 1

In business accounting, memorizing a transaction involves noting the date of the transaction, the amount involved, and the accounts affected.

Step-by-step explanation:

When you memorize a transaction in business or accounting, there are three key things you can define: the date of the transaction, the amount involved, and the accounts affected. Memorizing transactions can help in understanding and recording financial events more efficiently.

For instance, if a company purchases office supplies for $200 on credit, the date would be when the purchase occurred, the amount would be $200, and the accounts affected would be Office Supplies (increase in assets) and Accounts Payable (increase in liabilities).