Identify which of the transactions below are entered in the correct special journal: i. Sale of land for cash - General Journal ii. Discount allowed for early payment by customer - Cash payments journal iii. Depreciation on building - General journal iv. Purchase of computer on credit - Purchases journal v. Issue of shares for cash - Cash receipts journal Question 14 Answer a. i & ii b. ii & iii c. iii & iv d. iv only e. iii & v

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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