The following T-accounts indicate the effects of normal business transactions: Debit 1/1 Equipment Equipment Notes receivable Notes payable 500 250 100 Credit 12/31 Required: 2. For each T-account, compute the missing amounts. Missing amounts 250 75 70 Debit 1/1 Notes Receivable 12/31 150 7 170 Credit 225 Debit Notes Payable 7 Credit 100 170 160 1/1 12/31 Check

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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