S2-5. ( Learning Objectives 1,3: Explain what a transaction is ; show the impact of transaction on the accounting equation) King Design specializes in imported clothing. During March, King completed a series of transaction. Foe each of the following items, give an example of a transaction that has the described effect on the accounting equation of King Design. Increase an asset and increase a liability. Decrease an asset and decrease owners' equity. Decrease an asset and decrease a liability. Increase an asset and increase owner's equity. a. b. c. d. e. Increase one asset and decrease another asset! r