Performing a service on account would:
A)increase liabilities and decrease total assets.
B)decrease liabilities and increase total assets.
C)increase owner's equity and decrease liabilities.
D)increase total assets and increase owner's equity.

Question

Quizplus · Accepted Answer

Performing a service on account increases total assets (accounts receivable) and increases owner's equity due to the revenue earned from the service.

Performing a Service on Account Would