Transactions for Buyer and Seller Wilmington Co. sold merchandise to Angelleti Co. on account, $8,000, terms 2/15, n/30. The cost of merchandise sold is $4,800. Assume all discounts are taken. Journalize Wilmington Co.'s entries for (a) the sale on account and (b) the collection of the amount due. (a) (b) 0 0 0 0. 00:00 Journalize Angelleti Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due. (a) (b)

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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