George Johnny Unadjusted Trial Balance Accounts Title Debit Credit Cash 130,200 Supplies Prepaid Rent Prepaid Insurance 60,000 9,000 6,000 Accounts Receivable 130,000 Equipment Accounts Payable 30,000 30,000 Bank Loan 50,000 Mr. George, Capital Mr. George, Drawings 100,000 30,000 Service Revenue 400,000 Legal Expense Salaries Expense 4,800 180,000 Total 580.000 580 000

Q: Explain the impact of the collection of these receivables on the Financial Statements.

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Q: Balance sheet

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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