1.According to the textbook, “Each business transaction must have a dual effect on the accounting equation.” (Kimmel, P. D., & Weygandt, J. J. (2017)) The accounting equation is Assets=Liability+Stockholders Equity. The accounting equation must always balance, therefore when you process a transation, there must always be a dual effect to balance it out. The textbook mentions, “If an individual asset is increased, there must be a corresponding: Decrease in another asset, Increase in a specific liability, or increase in stockholders equity.” (Kimmel, P. D., & Weygandt, J. J. (2017)) For an example, if a company purchases 5,000 cash in supplies for their store, they will have an increase in assets and a decerease in assets. They equal eachothe out therefore it leaves the accounting equation balanced. 
Caroline
2. Class and Dr. Schweitzer,
Current assets involve the day-to-day information acquired to keep the company up and running.  These are the things that will more than likely be converted into cash.  The current assets and liabilities usually take place within a year.  When it comes to a balance sheet, current information is on the top (typically).  These liabilities are due within that one year span.  Long-term liability includes debt which can take years to pay off.  Some of these things can include: a mortgage, a loan (like this student one that keeps accruing), leases, etc.  Aberdeen Advisors explains things like current liabilities, long-term liabilities, financing liabilities, and operating liabilities in her article (Advisors, A., 2017).  
Advisors, A. (2017).  Understanding the Difference Between Current & Long-Term Liabilities.  Retrieved from: https://aberdeenadvisors.com/understanding-difference-current-long-term-liabilities/.  
Amanda