Green Plants & Things, Inc. buys merchandise from Palm Tree, LLC. Both companies use perpetual inventory systems. Here are the details related to the transactions between the two companies: Green Plants & Things, Inc. buys merchandise from Palm Tree, LLC paying $6,080 for the goods. The cost of the goods for Palm Tree, LLC is $4,930. After analyzing the transactions, prepare the journal entries for both companies (indicate which journal entry/entries are for which company in your responses).

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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