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accounting

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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 owners equity

decrease an asset and decrease a liability

increase an asset and increase owners equity

  • accounting -

    Here are some accounting tutorials:

    1. http://www.middlecity.com/

    2. http://www.middlecity.com/ch01.shtml

    3. (Broken Link Removed)

    4. http://businesslibrary.uflib.ufl.edu/accountingresearch

    Sra

  • accounting -

    increase an asset and increase a liability : Purchased supplies on account. Increases supplies (asset) and increases accounts payable (liability).

    increase one asset and decrease another asset: Purchased supplies with cash. Increase supplies (Asset) decrease cash (Asset).


    decrease an asset and decrease a liability: Paid for purchases on account with cash. Decrease cash (asset) and decrease accounts payable (liability).


    Hope these help

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