Which of the following journal entry is Correct when the business paid cash for the machine which was purchased on account last month? a. Debit Accounts Payable and credit Cash. b. Debit Cash and credit Accounts Receivable. c. Debit Equipment and credit Cash. d. Debit Cash and credit Accounts 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