1)Describe how to record business transactions using the accounting equation. Your response should begin by defining what a transaction is and the criteria needed to record it. You should describe the fundamental accounting equation and the posting process for accounts, and then discuss the preparation of financial statements. Provide an example to illustrate your knowledge of this process. Your essay must include an introduction, body, and conclusion, and address all relevant parts of each question. Your response should be 300 to 700 words in length. Make sure to cite any references you use.