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LO2-3 EXERCISE 2.7 Effects of Business Transactions For each of the following categories, state concisely a transaction that will have the required effect on the

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LO2-3 EXERCISE 2.7 Effects of Business Transactions For each of the following categories, state concisely a transaction that will have the required effect on the elements of the accounting equation. a. Increase an asset and increase a liability. b. Decrease an asset and decrease a liability c. Increase one asset and decrease another asset d. Increase an asset and increase owners' equity. e. Increase one asset, decrease another asset, and increase a liability

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