Archie makes plumbing fittings. He is currently preparing accounts for the year ended  31 December 2021, but his sales book was destroyed in a flood. He has a separate list  of the moneys owing by customers at 31 December 2021, which amounted to £41,000  in total. Generally, Archie allows his customers 30 days credit. Archie estimated his  sales for the year ended 31 December 2021 at: a) £14,235,000 b) £1,170,000 c) £488,500 d) None of the above

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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