Accounting Problem
• 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.
The response should include a reference list. Using one-inch margins, Times New Roman 12 pnt font, double-space and APA style of writing and citations.