38) Solo traders has the following transactions for the month of January 2019. 9- Goods purchased and paid cash of RO 2,200                                                                        14- Paid office expenses of RO 1,240                                                                                              19- Paid a monthly loan to Bank Muscat of RO 1,450.                                                                       24- Paid RO 7,500 to Black traders for the goods purchased on credit.                                                                                                        Calculate and show the amount which will be transferred to Total column of Cash payments book for the month of January 2019? a. RO 2,200 b. RO 12,390 c. RO 1,240 d. RO 7,500

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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