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March 1: Sold used shelving from the shop for $1,000 cash, deposited in business bank account. The two accounts affected are Shop equipment and Bank
March 1: Sold used shelving from the shop for $1,000 cash, deposited in business bank account.
The two accounts affected are Shop equipment and Bank from the above table.
Shop equipment is an asset and Bank is also an asset.
Shop equipment was sold, meaning the business no longer owns it. The account will therefore decrease. Cash was received for the item and consequently, the bank account will increase.
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