Question: 1. Bookkeeping and accounting are the same. Do you agree? Explain. 2. Can a business enter into a transaction in which only the left side

1. Bookkeeping and accounting are the same. Do you agree? Explain.

2. Can a business enter into a transaction in which only the left side of the basic accounting equation is affected? If so, give an example.

3. Indicate how the following business transactions affect the basic accounting equation.

(a) Paid cash for janitorial services.

(b) Purchased equipment for cash.

(c) Invested cash in the business.

(d) Paid accounts payable in full.

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