Question

Describe a transaction that will:
(a)
(b)
(c)
(d)
(e)
(1)
Increase an asset and increase an income.
Increase an expense and increase a liability.
Decrease an asset and decrease owner's equity.
Increase an asset and decrease another asset.
Increase an asset and increase a liability.
Increase an asset and increase owner's equity.​

Answer 1

Answer:

For example, when a company borrows money from a bank, the company's assets will increase and its liabilities will increase by the same amount. When a company purchases inventory for cash, one asset will increase and one asset will decrease