How would the accounting equation of Lenore Turner's consulting business be affectedby the billing of a client for $2,000 for consulting work completed?
A)Accounts receivable, $2,000 increase, liabilities, $2,000 decrease.
B)Accounts receivable, $2,000 increase, cash, $2,000 decrease.
C)Accounts receivable, $2,000 increase, cash, $2,000 increase.
D)Accounts receivable, $2,000 increase, equity, $2,000 increase.
E)Accounts receivable, $2,000 increase, liabilities, $2,000 increase.

Question

Quizplus · Accepted Answer

Billing a client increases accounts receivable and equity because it represents revenue earned.

How Would the Accounting Equation of Lenore Turner's Consulting Business