Pleasie tell me if the following are assets liabilities or equity and also if they are a real or nominal account 1) Inventory 2) Bonds payable 3) Common Stock 4) Prepaid insurance 5) Sales 6) Cost of Goods Sold 7) Supplies Expense 8) Supplies on hand 9) Wages payable 10) Mortgage payable

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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