Journalize the following transactions for the buyer, Ramirez Company, using the gross method to account for purchase discounts. Assume a perpetual inventory. system. March 2 Purchased merchandise from Jenkins Company on account, $14,000, terms 5/10, n/30. The goods are shipped FOB shipping point, freight prepaid by seller, $210. March 8 Returned to Jenkins Company merchandise previously purchased on account, $3,400. March 13 Paid the amount due to Jenkins Company. Date Account Title Debit Credit

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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