August 1 August 2 M. Harris, the owner, invested $13,250 cash and $56,975 of photography equipment in the company. The company paid $2,500 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,518 cash. August 20 The company received $3,800 cash from taking photos for customers. August 31 The company paid $881 cash for August utilities. Journal entry 1 Date August 01 Accounts payable Journal entry 2 Date General Journal Debit Credit August 02 journal entry 3 General Journal Debit Credit Date General Journal Debit Credit August 05 journal entry 4 Date General Journal Debit Credit August 20 urnal entry 5 Date General Journal Debit Credit August 31

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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