Question

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.



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  • CreatedJuly 25, 2014
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