Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a.  Sold merchandise for cash, $22,060. The cost of the merchandise sold was $13,240. (Record the sale first.)     fill in the blank 36fbb5ffffdef81_2 fill in the blank 36fbb5ffffdef81_3     fill in the blank 36fbb5ffffdef81_5 fill in the blank 36fbb5ffffdef81_6     fill in the blank 36fbb5ffffdef81_8 fill in the blank 36fbb5ffffdef81_9     fill in the blank 36fbb5ffffdef81_11 fill in the blank 36fbb5ffffdef81_12 b.  Sold merchandise on account, $13,920. The cost of the merchandise sold was $8,350. (Record the sale first.)     fill in the blank e95153f82fd6002_2 fill in the blank e95153f82fd6002_3     fill in the blank e95153f82fd6002_5 fill in the blank e95153f82fd6002_6     fill in the blank e95153f82fd6002_8 fill in the blank e95153f82fd6002_9     fill in the blank e95153f82fd6002_11 fill in the blank e95153f82fd6002_12 c.  Sold merchandise to customers who used MasterCard and VISA, $104,980. The cost of the merchandise sold was $62,990. (Record the sale first.)     fill in the blank e4ed72f88fa003c_2 fill in the blank e4ed72f88fa003c_3     fill in the blank e4ed72f88fa003c_5 fill in the blank e4ed72f88fa003c_6     fill in the blank e4ed72f88fa003c_8 fill in the blank e4ed72f88fa003c_9     fill in the blank e4ed72f88fa003c_11 fill in the blank e4ed72f88fa003c_12 d.  Sold merchandise to customers who used American Express, $33,990. The cost of the merchandise sold was $20,390. (Record the sale first.)     fill in the blank 88d820038074fdd_2 fill in the blank 88d820038074fdd_3     fill in the blank 88d820038074fdd_5 fill in the blank 88d820038074fdd_6     fill in the blank 88d820038074fdd_8 fill in the blank 88d820038074fdd_9     fill in the blank 88d820038074fdd_11 fill in the blank 88d820038074fdd_12 e.  Paid $6,840 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American Express sales.     fill in the blank 0d145f077ffeffd_2 fill in the blank 0d145f077ffeffd_3     fill in the blank 0d145f077ffeffd_5 fill in the blank 0d145f077ffeffd_6

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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