Mackie Company provided $25,500 of services on account, and collected $18,000 from customers during the year. The company also incurred $17,000 of expenses on account, and paid $15,400 against its payables. As a result of these events.
A) total assets would increase
B) total liabilities would increase
C) total equity would increase
D) all of these are correct

Question

Quizplus · Accepted Answer

$25,500 - $15,400 = $10,100 increase in assets; $17,000 - $15,400 = $1,600 increase in liabilities; $25,500 - $17,000 = $8,500 increase in equity

Mackie Company Provided $25,500 of Services on Account, and Collected