Posted by jaime on Sunday, July 27, 2008 at 10:47am.
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.
You should read the discussion on this topic throughout this week to evaluate and respond to your classmates' insights and comments.
In your own words, please post a response to the Discussion Board and comment on other postings. You will be graded on the quality
1. Increase an asset and increase a liability –
Purchase a fixed asset with bank financing.
Purchase inventory on credit
Dr Merchandize inventory
Cr Accounts Payable
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