n March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10, n/30. The cost of the erchandise sold was $540,000. (Credit account titles are automatically indented when amount is entered. Do not indent anually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation 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