Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Jan. 1 Balance Feb. 10 Purchased for cash Nov. 20 Purchased with long-term mortgage note Item Purchase of land for cash Burchase of land by iecuing Debit Credit 479,700 637,600 Section of Statement of Cash Flows Debit 307,500 787,200 1,424,800 Credit Added or Deducted Amount

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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