business purchases equipment by payingOR8, 000 in cash and issuing a note payable of OR12, 000. Which of the following journal entries would be recorded? Select one: O a. Equipment 8,000 Notes payable 4,000 Cash 12,000 O b. Equipment 20,000 Notes payable 12,000 Cash O c. Cash 8,000 Notes payable 4,000 Equipment 12,000 O d. Cash 8,000 Notes payable 12,000 Equipment 20,000

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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