Please read the following chapters in: Principles of Accounting: Volume I:
Chapter 1: Introduction to Accounting
Chapter 2: The Accounting System
Now here is the discussion question
As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.
Review several of your peers’ postings and identify some core components that you feel should be included in every transaction.