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On May 31, 2001, JJ’s purchased gasoline for the lawn mower and the truck for $50 cash. The Effects of Business Transactions The Effects of Business Transactions Let’s review how JJ’s transactions affected the accounting equation. The Effects of Business Transactions Ye Sun Accounting English * Ye Sun Accounting English * These transactions impact the Statement of Cash Flows. These transactions impact the Income Statement. Balance Sheet ! Accounting English @2011 * 1.7 Ethics in accounting Accountants must perform their responsibilities according to the highest ethical standards because many