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Name: Journals entry915Purchased supplies on account for $1,100 from Digita
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Description: Journals entry915Purchased supplies on account for $1,100 from Digital Shot Company.Received $3,500 cash advance from customer for photographyservices.

Business

Accounting

9 15 Purchased supplies on account for $1,100 from Digital Shot Company. Received $3,500 cash advance from customer for photography services.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 1.4C

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Concept explainers

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

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Journals entry
9
15
Purchased supplies on account for $1,100 from Digital Shot Company.
Received $3,500 cash advance from customer for photography
services.

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