The income statement of Armenia Corporation for 2020 included the following items:   Interest income P2,101,000;  Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000     24,200;   Requirement #2:  The cash paid for salaries during 2020 was     Choices; P1,753,400 P1,557,600 P1,845,800 P1,546,600

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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