What is the basic accounting equation

Reference no: EM132657971

Problem 1: What is the basic accounting equation? Give an example of how a business transaction would effect the basic accounting equation.

Problem 2: Give an example of a journal entry using at least two accounts.

Problem 3: Give one example each of asset, liability, equity, revenue and expense accounts and the normal balance of debit or credit.

Problem 4: Give an example that shows the basic steps in the recording process.

Problem 5: What is the purpose of a trial balance?

Problem 6: Define cash activities as operating, investing, or financing and give one example of each.

Reference no: EM132657971

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