Transactions impacting balance sheet and income statement accounts Provide illustrations of the following transactions relating to a local retailer:

1 One asset is exchanged for another.

2 An asset and a liability increase by the same amount.

3 An asset and revenue increase by the same amount.

4 One liability is exchanged for another.

5 An asset and a liability are reduced by the same amount.

6 A liability and an expense are increased by the same amount.

7 An asset and shareholders’ equity are increased by the same amount.

8 An asset is reduced and an expense is increased by the same amount.