Week 1: Discussion - Understanding Transactions Understanding a transaction and the effects it has on the accounting equation creates the foundation for what you will see in the remainder of the course. Please develop a transaction for The Slinky Factory, a company that makes Slinky toys that flip down the stairs. If you're not familiar with this toy, see the Slinky description e. The factory and equipment have been around for about 30 years. Come up with a transaction that is relevant to this company. Don't worry if it is generic, such as payment of a utility bill 1. Make a statement explaining the transaction. 2. Identify at least two accounts that will be affected by the transaction. 3. Does the transaction increase the account or decrease the account? 4. Would the accounting equation still balance after your transaction? Use the following accounts for your transaction: Cash Accounts Receivable Inventory Property Plant & Equipment Accounts Payable Mortgages Payable Other Liability Revenues Expenses