discussion 2 - W hat is the role of the accounting equation...

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What is the role of the accounting equation in the analysis of business transactions? This week we will be learning how to analyze and record financial transactions. In addition the the initial question above, I would also like you to respond to the following questions: 1) What are the rules of debit and credit? and What are the natural balances for Assets, Liabilities, Retained Earnings, Common Stock, Dividends, Revenue and Expenses?; 2) What are the steps in the accounting cycle? What is a journal?, What is the act of journalizing?, What is a ledger?, What is a chart of accounts?, and What is a trial balance? Please include your response to each question in separate postings. Make sure your initial posting is made no later than Wednesday after class. I also encourage you to respond to your classmates. The accounting equation is Assets=Liabilities+Stockholders’ Equity  One of the roles of accounting equation in the analysis of business transactions is while analyzing particular business  transaction, we need to consider whether it at all had an impact on the accounting equation. 
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discussion 2 - W hat is the role of the accounting equation...

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