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Provide an example of an asset and a liability from your everyday life. Explain what makes one an asset and the other a liability. How

Provide an example of an asset and a liability from your everyday life. Explain what makes one an asset and the other a liability. How does each affect your equity? Now imagine that you own your own business. How might your transactions impact your companys assets, liabilities, and owners equity? Why do you think it is important to analyze personal and business transactions?

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