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If a customer makes a partial payment of $100 on a service for which you have already billed him, you would record this transaction into the accounting equation by: plus $100 in bank (asset) and minus $100 in debtor (asset). The clear-cut relationship between a company's liabilities, assets and equity are the backbone to double-entry bookkeeping.
The basic accounting equation formula is Assets = Liabilities + Equity. This equation states that the total value of an entity's assets must equal the total value of its liabilities plus its equity. It is this simple equation that forms the foundation for all financial statements.
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