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Determining the types of transactions

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Types of Transactions

There are three elements to the accounting equation: assets, liabilities, and stockholders' equity. Although other possibilities exist, five types of transactions are described here. For each of these five types, write descriptions of two transactions that illustrate the type of transaction.

Type of Transaction

Assets ¼

Liabilities þ Stockholders' Equity

1.

Increase

Increase

2.

Increase

Increase

3.

Decrease

Decrease

4.

Decrease

Decrease

5.

Increase

 

 

Decrease

 

Reference no: EM13954098

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