The correct entries needed to record the return of office equipment that had been bought on credit from Penny, and not yet paid for, are Debit Credit A Office equipment Sales B Office equipment Penny C Penny Office equipment D Cash Office equipment

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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