Parrish 1-3 #4 I asked this question early and below is the answer I was given.  The person did not explain how or why the equation when from Closing RE=Opening RE +Net Income/loss+Dividends paid 8000=12000+Net Income/Loss-0 to Net Income/Loss=8000-12000+0  (Why did the the 1/1 RE 12000 turn to negative?) Here is the information needed to find the missing Expense Revenue $6000 Dividends declared $0 Expenses $Unkown 1/1 RE $12000 12/31 RE $8000 If you could explain how to find the expense amount in a more clear manner I would appreciate it.

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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