Pina Hagen, a former disc golf star, operates Pina's Discorama. At the beginning of the current season on April 1, the ledger of Pina's Discorama showed Cash $1,900, Inventory $2,300, and Owner's Capital $4,200. The following transactions were completed during April. Apr. 5 7 9 12 14 17 21 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,150, FOB shipping point, terms 2/10, n/60. Paid freight on the Mumford Co. purchase $40. Received credit from Mumford Co. for merchandise returned $200. Purchased disc golf shirts and other accessories on account from Saucer Sportswear $550, terms 1/10, n/30. Paid Mumford Co. in full, less discount. Received credit from Saucer Sportswear for merchandise returned $50. Paid Saucer Sportswear in full, less discount.

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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