Current Attempt in Progress The following are selected transactions of Pina Company. Pina sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $5,200, terms 3/10, n/30. 3 Dodson Company returned merchandise with a sales price of $100 to Pina. Pina collected the amount due from Dodson Company from the March 1 sale. Pina sold merchandise for $500 in its retail outlet. The customer used his Pina credit card. Pina added 1.2% monthly interest to the customer's credit card balance. 9 15 31 Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

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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