The accounts that follow are applicable to Harold’s Car Service, a company that repairs cars.1. Cash2. Accounts Receivable3. Supplies4. Equipment 5. Accounts Payable6. Repair Services Revenue7. Wages Expense8. Rent ExpenseHarold’s completed the following transactions:Analyze each transaction and show the accounts affected by entering the corresponding numbers in the appropriate debit or credit columns as shown in transaction a. Indicate no entry, ifappropriate. View Solution: The accounts that follow are applicable to Harold s Car Service

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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