Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 Purchased inventory of $5,600 on account from Sampson Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Paid freight charges, $300. Returned $600 of inventory to Sampson. Paid Sampson Diamonds, less return. Purchased inventory of $4,500 on account from Shanley Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination. Received a $800 allowance from Shanley for damaged but usable goods. Paid Shanley Diamonds, less allowance and discount.

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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