1357552 1 - What is the expanded accounting equation? ?=? + ? 2- What is the expanded accounting equation? (Include COST OF SALES as part of the equation. ?=?+?+?-?-? 3- For each item in the expanded accounting equation tell, whether a DEBIT increases the balance, or DECREASES the balance. What are the four steps used to close the books. What journal entry would you make for the following: A-Sold merchandise of account for $3,500 - merchandise cost $1000 (use the perpetual method.) B- Customer paid their balance owed in the amount of $5000