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The accounting equation is assets = liabilities + owner's equity. Please explain the relationship between economic resources and claims to economic resources. Why must this
The accounting equation is assets = liabilities + owner's equity. Please explain the relationship between economic resources and claims to economic resources. Why must this equation always balance? What transactions increase or decrease owner's equity? How does net income or loss affect owner's equity? Please give an example of a transaction, applied to the accounting equation
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