Acme Corporation had the following expenses:   1. 1,000 pads of paper embossed with the company logo to hand out at the Big Time Convention $700 2. Display racks to use at the convention center 200 3. An all-expense vacation for Susie’s 25 years of service awarded under a qualified plan 2,500 4. A golden cone to recognize Wayne’s on the job safety record 320 Acme has a qualified plan for the job awards. Calculate Acme’s total deductions for the above expenses.

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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