Explain how the following general journal entry affects the accounting equation.
$\begin{array}{|l|r|r|}
\hline \text { Accounts Receivable } & 500 & \
\hline \text { Service Revenue } & & 500 \
\hline
\end{array}$

Question

Quizplus · Accepted Answer

The journal entry increases Accounts Receivable (an asset) and Service Revenue (which increases stockholders' equity), thus increasing both assets and stockholders' equity.

Explain How the Following General Journal Entry Affects the Accounting Accounts Receivable 500 Service Revenue 500\begin{array}{|l|r|r|}\hline \text { Accounts Receivable } & 500 & \\\hline \text { Service Revenue } & & 500 \\\hline\end{array} Accounts Receivable Service Revenue ​500​500​​

Explain How the Following General Journal Entry Affects the Accounting $\begin{array}{|l|r|r|}\hline \text { Accounts Receivable } & 500 & \\\hline \text { Service Revenue } & & 500 \\\hline\end{array}$