income summary account of ballon company has debit balance of 222,0000 after revenue of 234,000 and expenses of 456,000 were closed to the account. Kenneth Balloon, Drawing has a debit balance of 24,000 and Kenneth Ballon, Capital has a credit balance of 348,000.   1. Record the journal entries  2. What is the new balance of Kenneth Ballon Capital?

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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