Gunderson’s Hardware received a $1,120 invoice dated July 15 with 5/10, 4/15, n/60 terms. On July 29, Gunderson’s sent a $249 partial payment What credit should Gunderson's receive? What is Gunderson's outstanding balance?

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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