Dixon Company Collected Cash During December of Year 1 from a Customer

Dixon Company collected cash during December of Year 1 from a customer for services to be performed during January of Year 2. Indicate whether each of the following statements about this transaction is true or false.Dixon's Year 2 income statement would not be affected by this transaction.Dixon's Year 1 statement of cash flows would be affected by this transaction.This transaction is an asset exchange transaction.The revenue for the services provided will be recorded in Year 2.The transaction increases Dixon's liabilities.