Transactions and the Fully Expanded
Accounting Equation Skills Test

Assets = Liabilities + Owner's Equity + Investments + Revenue - Expenses - Draws

Looks like our little cartoon buddy has more liabilities than assets.

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Instructions:
Select the effect the displayed transaction has on the Fully Expanded Accounting Equation for the following transactions:
Note:For this exercise use Ma's Kids - Revenue, Expense, and Draws

Transaction .

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Select the Effects OnThe Accounting Equation
Explanation

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