Accounting: Transactions with effect to accounting equation.
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Assignment Name: Unit 1 Discussion Board
Details:
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
This solution is comprised of detailed explanation to the following quesiton:
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.
Solution Preview
Examples of a business transaction:
* Increase an asset and increase a liability.
Purchased vehicle on credit.
* Increase ...
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