Construct an example of a transaction between two parties. Identify what accounts are affected and how changes in those accounts impact the accounting equation. Explain the purpose for recording the...

Construct an example of a transaction between two parties. Identify what accounts are affected and how changes in those accounts impact the accounting equation. Explain the purpose for recording the transaction on the company’s books.
In responding to your classmates’ postings, add further insight into their examples and the accounting terms and processes involved.