In the chapter, we stated that a transaction is an exchange of property or service by a company 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 company.

Required: In each case below, describe a transaction that will result in the following changes in the contents of a company’s 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:  lo7