Indicate the journal in which each of the following transactions should be recorded. Assume a three-column purchases journal. Paid a creditor on account.   Bought merchandise on account.   Sold merchandise for cash.   Adjusted for insurance expired.   Received payment on account from a charge customer.   Received a credit memo for merchandise returned.   Bought equipment on credit.   Sold merchandise on account.   Recorded a customer's NSF check.   Invested personal noncash assets in the business.   Withdrew cash for personal use.   options:  Cash Payments Cash Receipts General Journal Purchases Sales

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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