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Determine an example of business transaction

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Question : Determine and provide an Example of business transaction that affects accounting equation

Problem 1. In accounting its important to understand that there may be events that occur that are not business transactions. Please give us an example of a business transaction that affects the accounting equation. Remember that the expanded accounting equation is: Assets = Liabilities + Owner's Equity + Revenue - Expenses. Please be sure that you provide this transaction in General Journal format. Additionally give us an example of an event that is not an accounting transaction.

Problem 2. Please let us know what you are doing to get those rules of debit and credit memorized. Please let us know if you have any hints to help us with this process.

Reference no: EM132477448

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