Journalize the entries for the following transactions: a.  Sold merchandise for cash, $22,250. The cost of the merchandise sold was $13,350. (Record the sale first.)     fill in the blank          fill in the blank      fill in the blank          fill in the blank  b.  Sold merchandise on account, $11,880. The cost of the merchandise sold was $7,130. (Record the sale first.)     fill in the blank          fill in the blank      fill in the blank          fill in the blank  c.  Sold merchandise to customers who used MasterCard and VISA, $118,400. The cost of the merchandise sold was $71,040. (Record the sale first.)     fill in the blank          fill in the blank      fill in the blank          fill in the blank  d.  Sold merchandise to customers who used American Express, $35,660. The cost of the merchandise sold was $21,400. (Record the sale first.)     fill in the blank          fill in the blank      fill in the blank          fill in the blank  e.  Paid $6,900 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American Express sales.     fill in the blank

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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