An accountant or bookkeeper has to record each transaction. This ensures that good records are kept and financial reports are produced which accurately represent the business.
The Ten Most Common Basic Accounting Transactions
Here is a quick summary of the ten common basic accounting transactions, together with a link to the full lesson on each one.
Please note that the lessons in the links below are basic introductory lessons which show how each transaction affects the accounting equation, and that these do not yet cover double entries (debits and credits).