1.    On April 8, returned damaged merchandise to Ayayai Company and was granted a $4,200 credit for returned merchandise.   2.   On April 15, paid the amount due to Ayayai Company in full. (Note: On April 5, purchased merchandise from Ayayai Company for $24,000, terms 2/10, net/30, FOB shipping point.)       Prepare the journal entries to record these transactions on the books of Blossom Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)  No. Date Account Titles and Explanation Debit Credit 1.                   2.                                                               Assume that Blossom Co. paid the balance due to Ayayai Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)  Account Titles and Explanation Debit Credit

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is