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Different types of business transactions

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Question

The general manager of a business encounters many different types of business transactions. Provide an example of a transaction that would describe the effect on the accounting equation. Each situation is independent of the other situations.;a. The transaction would increase an asset account and increase a liability account.;b. The transaction would decrease an asset account and decrease the owner?s equity account.;c. The transaction would increase an asset account and increase owner?s equity account.;d. The transaction would decrease an asset account and decrease a liability account.;e. The transaction would increase one asset account and decrease another asset account.;f. The transaction would decrease one liability account and increase another liability account.

 

Paper#26339 | Written in 18-Jul-2015

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