Journalize the following transactions for the month of February 1; a.Sold merchandise on account for $10,000 other income, other receivable,); Cost of Goods Sold $3,000 (Inventory, Cost of Sale) o. Received the utilities bill for $250.00 accrued expense, utilities expense) C. Salaries for the week are $3,300 (salaries expense, wages payable) d. Received and invoice of $100 for advertising.

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…