We stated that a transaction is an exchange of property or service by a business with another entity. We also explained that in the recording of a transaction at least two changes must be made in the assets, liabilities or owner's equity of a business.

Required:

In each case, describe a transaction that will result in the following changes in the contents of a business' balance sheet:

a Increase in an asset and increase in a liability b Decrease in an asset and decrease in a liability c Increase in an asset and decrease in another asset d Increase in an asset and increase in owner's equity e Increase in an asset and increase in revenues f Increase in expenses and decrease in an asset.