Received $2,085 cash in payment of $2,000 note receivable and interest $85.   1. Journalize the transactions for May in the cash receipths journal and the sales journal. Assume  the periodic inventory method is used.  2. If you are using Working Papers, total and rule the journals. Prove the equality of the debit and credit totals.

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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