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  3. the accounting equation is assets = liabilities +

The accounting equation is assets = liabilities + owners equity. Please explain the relationship between...

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Accounting

The accounting equation is assets = liabilities + owners equity.

Please explain the relationship between economic resources and claims to economic resources.

Why must this equation always balance?

What transactions increase or decrease owners equity?

How does net income or loss affect owners equity?

Provide an example of a transaction, applied to the accounting equation

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