Journalize the following transactions. 2018 Jan. 1 Started business with P10 000.  3 Deposited P5 000 into bank.  4 Purchased goods for P14 000.  8 Purchased goods of P18 000 from Hulela.  11 Sold goods for P18 000.  14 sold goods of P14 000 to Gabrieal.  16 Paid P13 000 to Hulela on account.  18 Gabrieal returned goods of P2 400 to us.  21 Returned goods of P1 250 to Hulela.  23 Withdrew P1 500 from the bank.  24 Received P4 000 from Gabrieal on account

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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