Journalize the following merchandise transactions. The company uses the perpetual inventory system. a.  Sold merchandise on account, $12,700 with terms 2/10, net 30. The cost of the goods sold was $8,255. If an amount box does not require an entry, leave it blank.                                 b.  Received payment within the discount period. If an amount box does not require an entry, leave it blank.

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Q: Journalize the following merchandise transactions. The company uses the perpetual inventory system.…

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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