Give an example of transaction

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Reference no: EM131696537

This week we will have two questions to prompt our discussion.

First, give an example of a transaction that has the following results and what would the entry look like?

(a) A decrease in an asset and a decrease in a liability.

(b) A decrease in one asset and an increase in another asset.

Second, do the following events represent business transactions? Explain your answer in each case.

(a) A computer is purchased on account.

(b) A customer returns merchandise and is given credit on account.

(d) The owner of the business withdraws cash from the business for personal use.

(e) Merchandise is ordered for delivery next month.

please cite your sources

Reference no: EM131696537

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