Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. September 15 Purchased merchandise with an invoice price of $42,500 and credit terms of 5/5, n/15. September 29 Paid supplier the amount owed on the September 15 purchase. View transaction list Journal entry worksheet 1 2 Purchased merchandise with an invoice price of $42,500 and credit terms of 5/5, n/15. Note: Enter debits before credits. Date September 15 General Journal 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