what must be done if a transaction increases the left side of the accounting equation?

Answer 1

Depends on how you arrange your accounting equation. Let's assume it's Assets = Liabilities + Equity
So if you increase Assets, you must increase L or E, i.e. you must credit either L or E or both.
There is one type of transaction which doesn't change the equation, for e.g. you make an insurance premium payment on Dec 30 meant for the next year. Your entry:
Dr Prepaid insurance
Cr Cash
effectively increases and decreases the left side of the equation, leaving it unaffected.

Answer 2

It is always debits and credits though on the sides of the equation, a credit for a liability is a decrease in assets and an increase in assets will credit equity, which increases shareholder value. Also, make sure to watch the contra asset accounts such as accumulated depreciation, which have a normal credit balance compared to regular assets having a normal debit balance.

Answer 3

You must increase also the right side of the accounting equation, you have to know if it's a liability or a capital.

Answer 4

Accounting has always been the balance. For every entry you made either be it a debit or credit, you must always have a contra account - this account makes sure that you always have a balance entry. You can never put one entry only may it be a debit or credit without having another one.

Answer 5

If you debit one side, you need to credit the other.