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$2-5. (Learning Objectives 1,3: Explain wbat atransaction ain what a transaction is; show the impact of transactions isy show the impact of transactions on the accounting equation) King Design specializes in imported clothing. During March, King completed a series of transactions. For each of the following items, give an example of a transaction that has the described effect on the accounting equation of King Design. a. Increase an asset and increase a liability b. Decrease an asset and decrease owners' equity c. Decrease an asset and decrease a liability d. Increase an asset and increase owners' equity e. Increase one asset and decrease another asset.

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