Purchase-Related Transactions Journalize entries for the following related transactions of Greenville Heating & Air Company: If an amount box does not require an entry, leave it blank. a.  Purchased $24,000 of merchandise from Foster Co. on account, terms 2/10, n/30.     fill in the blank 9546a7fcdff6053_2 fill in the blank 9546a7fcdff6053_3     fill in the blank 9546a7fcdff6053_5 fill in the blank 9546a7fcdff6053_6 b.  Paid the amount owed on the invoice within the discount period.     fill in the blank 208338fa001ef91_2 fill in the blank 208338fa001ef91_3     fill in the blank 208338fa001ef91_5 fill in the blank 208338fa001ef91_6 c.  Discovered that $4,800 of the merchandise purchased in (a) was defective and returned items, receiving credit for $4,704 [$4,800 – ($4,800 × 2%)]     fill in the blank 0c1296034072fc0_2 fill in the blank 0c1296034072fc0_3     fill in the blank 0c1296034072fc0_5 fill in the blank 0c1296034072fc0_6 d.  Purchased $3,800 of merchandise from Foster Co. on account, terms n/30.     fill in the blank dace2efc1fe804c_2 fill in the blank dace2efc1fe804c_3     fill in the blank dace2efc1fe804c_5 fill in the blank dace2efc1fe804c_6 e.  Received a refund from Foster Co. for return in (c) less the purchase in (d).     fill in the blank ed488c03dfd704a_2 fill in the blank ed488c03dfd704a_3     fill in the blank ed488c03dfd704a_5 fill in the blank ed488c03dfd704a_

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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