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In most instances, when a change is made to one of the financial statements, it will affect one or more of the other statements. However, there are times when a transaction only affects one statement. The balance sheet is a great example of this. Let’s take equipment as an example. If I dispose of a piece of old equipment which has already been fully depreciated, I would decrease the balance of the equipment account (credit that account) and increase the balance of the accumulated depreciation account (debit that account). This transaction would be isolated to the balance sheet and would not impact any of the other statements. There aren’t many of these situations, but it is possible to have transactions which affect only one statement.
The following is the question. Please answer with 250 – 270 words:
(1) Can you think of another example of this?
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