Selected transactions from the journal of Blue Spruce Corp., are presented as follows. Account Titles and Explanation Cash Date Aug. 1 10 12 25 31 Common Stock Cash (Issued common stock for cash) Service Revenue (Received cash for services performed) Equipment Cash Notes Payable (Purchased office equipment for cash and notes payable) Account Receivable Service Revenue (Billed clients for services performed) Cash Accounts Receivable (Receipt of cash on account) Debit 5,790 2,690 5,230 1,540 960 Credit 5,790 2,690 760 4,470 1,540 960

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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