PB5.  LO 3.4Indicate what impact (+ for increase; – for decrease) the following transactions would have on the accounting equation, Assets = Liabilities + Equity.   Transaction Impact 1 Impact 2 Paid balance due for accounts payable     Charged clients for legal services provided     Purchased supplies on account     Collected legal service fees from clients for current month     Issued stock in exchange for a note receivable

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.