Gena's Cleaning Services performs services for its customers during March.Payments for the March services are received in June.How does the transaction for the collection of cash from customers affect the accounting equation of Gena's Cleaning Services?

Question

Quizplus · Accepted Answer

The collection of cash from customers in June increases the cash asset but decreases accounts receivable, another asset, resulting in no net change in total assets.

Gena's Cleaning Services Performs Services for Its Customers During March