Constantine Corporation reported Net Income for the year ended December 31, 20x1, of $23.260 then discovered that the entry to pay the rent for December in the amount of $1600 was not journalized and posted What is the Net Income after the correcting journal entry is journalized and posted? Muple Choice O O $21.210 $21660 $24.000 $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