From the following accounts and amounts prepare a balance sheet for the Swell Company for December 31, 2019. You must compute the amount for retained earnings to complete the balance sheet.   Account Payable $61,250 Account Receivable $70,500 Building $50,000 Capital Stock $50,000 Cash $64,000 Equipment $30,000 Insurance Expense $5,000 Land $125,000 Notes Payable $175,000 Sales Revenue $25,000 Salaries $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