Accounting Equations : Business Transactions
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For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
· Increase an asset and increase a liability.
· Increase one asset and decrease another asset.
· Decrease an asset and decrease owner's equity.
· Decrease an asset and decrease a liability.
· Increase an asset and increase owner's equity.
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Solution Summary
Solution contains an example of a business transaction that has the described effect on the accounting equation.
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· Increase an asset and increase a liability: Asset purchased on credit
· Increase one asset and decrease another ...
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