Question #2 For each of the following categories, state concisely a transaction that will have the required effect onthe elements of the accounting equation. a. Increase an asset and increase a liability. b. Decrease an asset and decrease a liability. c. Increase one asset and decrease another asset. d. Increase an asset and increase owners' equity. e. Increase one asset decrease another asset and increase a liability. Question #3 Five account classifications are shown as column headings in the table below. For each account classification, indicate the manner in which increases, and decreases are recorded (ie., by debits or by credits). Revenue Expenses Assets Liabilities Owners Equity Increase recorded by Decrease recorded by

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.