Show the impact of transactions on the accounting equation

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Reference no: EM131312137

Objectives: Explain what a transaction is; show the impact of transactions on the accounting equation.

King Design specializes in imported clothing. During March, King completed a series of transactions.

For each of the following items, give an example of a transaction that has the described effect on the accounting equation of King Design.

a. Increase an asset and increase a liability.

b. Decrease an asset and decrease owners' equity.

c. Decrease an asset and decrease a liability.

d. Increase an asset and increase owners' equity.

e. Increase one asset and decrease another asset.

Reference no: EM131312137

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