Daube Industries' operations for the month of October are summarized as follows: A. Provided $9,000 of services in October on account. B. Received $3,800 cash from customers for services provided in October. C. Received $1,900 cash for services to be provided in November. D. Received $3,300 cash from customers on account for services provided in September. E. Paid September's warehouse rental bill on account in the amount of $1,400. F. Received October's warehouse rental bill of $1,000; set it aside to be paid at a later date. Required: a. Prepare journal entries to record the transactions identified among activities (A) through (F).

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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