I need to enter the following transactions in the appropriate journal. (sales journal and cash receipts journal) January 8  Sold merchandise on account to C. Cline, $1,000, plus sales tax of $50. Sale No. 1474.   14 Cash sales for the week were $2,780, plus sales tax of $139. 19 Sold merchandise on account to A. Lee, $1,460, plus sales tax of $73. Sale No. 1475.

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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