Cash Discount and Remittance calculations   For each of the following May Paz Abad Retailers purchases, assume that credit terms are 2/10, n/30 and that any credit memorandum was issued and known before Mary Paz Abad Retailers made the payments.         Prepaid    Purchases Shipping Terms Freight Credit a P 12,000 FOB shipping point (by seller) Me

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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