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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Describe a business transaction that will do the following:

  1. a. Increase an asset and increase a liability
  2. b. Decrease an asset and decrease a liability
  3. c. Decrease an asset and increase an expense
  4. d. Increase an asset and increase owner’s equity
  5. e. Increase an asset and decrease an asset
  6. f. Increase an asset and increase revenue

To determine

Give the business transaction for the effect of given transactions.

Explanation

Transaction: The economic events which bring about any changes in the financial items of a business and can be measured in the monetary units is referred to as a transaction.

Give the business transaction for the effect of given transactions.

a.

Effect of accounting equation: Asset increased, liability increased.

Business transaction: Purchased equipment on account.

b.

Effect of accounting equation: Asset decreased, liability decreased.

Business transaction: Paid cash for a loan amount.

c.

Effect of accounting equation: Asset decreased, expense increased...

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