Select a transaction that effects the accounting equation as follows: Effects a. The company purchases supplies for cash. b. The company purchases equipment for cash. c. The owner invests land in the business (in exchange for its stock). d. The company purchases supplies on credit. The company provides services and sent a bill for $500 to be received within 30 days. f. The company purchases equipment on credit. e. Transaction Decreases an asset and decreases a liability. Decreases an asset and decreases equity. Increases an asset and decreases an asset. Increases an asset and increases a liability. Increases an asset and increases equity.

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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.