At the end of the month, Samantha's Shoes received a bill for electricity that her business used during the month, but Samantha didn't pay the bill. What is the effect on Samantha's Shoes' assets, liabilities, and equity?
A) Assets increased and liabilities increased.
B) Liabilities increased and equity decreased.
C) Assets increased and equity decreased.
D) Liabilities increased and liabilities decreased.
Correct Answer:
Verified
Q15: The purpose of preparing an entry to
Q16: After a company closes its books at
Q17: "Matching" also means recording bad debts expense
Q18: When the owner of a company withdraws
Q19: Veronica Lodge borrowed $15,000 from a bank
Q21: In accounting, the term "matching" refers to
A)
Q22: The Cardiel Car Company purchased a passenger
Q23: A business owns an automobile that has
Q24: Because of recent E. coli outbreaks at
Q25: A business borrows $100,000 from a bank
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents