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Provide an example of a typical business transaction

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Reference no: EM132760011

Problem 1: Give an example of a typical business transaction and discuss its impact on the accounting equation (Your explanation should describe which account(s) are increasing/decreasing and whether those accounts were "debited or credited").

Problem 2: Finally, list and discuss the importance of each of the 4 basic financial statements.

Reference no: EM132760011

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