Concept of double entry system and it application

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Concept of Double entry system and it application.

The accounting system of most businesses, whether manual or computer-based, is some form of a double-entry system of accounting.

Explain how the double-entry system is applied in accounting for the following transaction:

Royalty Company purchases a piece of equipment costing $5,000, paying $2,000 cash with the balance of the purchase price to be paid within 60 days.

Reference no: EM1313488

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