Question

Describe a transaction that would have effect by increase in both an asset and liability

Answer 1

>> Answer <<

Every Business transaction which is to be considered for accounting i.e. every Accounting transaction, has its effect on the fundamental accounting equation. Each transaction alters the expressions forming the equation in such a way that the accounting equation is satisfied after every such alteration.

mark as brainliest ❤️

Answer 2

$\huge\mathfrak{\underline{\underline{\red {Answer}}}}$

Assets are what a business owns and liabilities are what a business owes. Both are listed on a company's balance sheet, a financial statement that shows a company's financial health. Assets minus liabilities equals equity, or an owner's net worth.