Prepare a properly-formatted Income Statement using the periodic method of inventory control using the following accounts and balances :                                                 debit    credit Freight In                                2,500 General Expenses                   15,000 Income Summary                    25,000 35,000            Sales                                                    103,000 Sales Discounts                       1,500 Sales Returns                          1,500 Selling Expenses                     25,000 Purchases                                77,500 Purchases Discounts                           5,000

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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