4. Summarized financial position of a business on 30.11.2022 is as follows: Assets Cash + Accounts Receivable + Supplies + 1.720 $3.240 Liabilities + Land = Accounts Payable + $5,400 $24,100 = Owners' Equity Owner's Capital $23,660 During December 2022, the following events occurred: - Company performed services for a client and received cash of $1,100. - Company purchased $720 of supplies on account. Show the accounting effects of transactions on the summarized financial position.

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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