Concord Corporation had the following selected transactions.   1.   Kim Leppard invested $7,407 cash in the business in exchange for common stock. 2.   Paid office rent of $1,407. 3.   Performed consulting services and billed a client $6,963. 4.   Declared and paid a $889 cash dividend.   (a) Indicate the effect each transaction has on the accounting equation (Assets = Liabilities + Stockholders’ Equity), using plus and minus signs. (b) Journalize each transaction

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is