Chapter 3 What is the basic accounting equation? Give an example of how a business transaction would effect the basic accounting equation. Give an example of a journal entry using at least two accounts. Give one example each of asset, liability, equity, revenue and expense accounts and the normal balance of debit or credit. Give an example that shows the basic steps in the recording process. What is the purpose of a trial balance? Define cash activities as operating, investing, or financing and give one example of each.
Please rephrase for student A and student B. Attachments below is their answers.


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