All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer constitute _____

Indicate the effects on the accounting equation of the following business transactions of Smith Service Corporation for b) to d) below. Use proper account titles. Transaction a) is answered as a guide

a) Received cash from Don Jones; issued common stock to him. What will be an ideal response

Iowa, Inc. purchased raw materials for $6,000 and $25,000 for cash and on account, respectively. Provide the journal entry to record the purchase of raw materials

What will be an ideal response