Reconciliation Transactions: Aug. 1 Received bank statement showing July bank service charge, $10.00. M114. 1 Received notice from the bank of a dishonored check from Daric Cohen, $320.00, plus $30.00 fee; total, $350.00. M115.

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A:

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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