Blue Company collected $2,000 cash for work completed.The effects on the accounting equation are:
A) Total assets decrease and equity increases.
B) Both total assets and total liabilities decrease.
C) Total assets,total liabilities,and equity are unchanged.
D) Both total assets and equity are unchanged.
E) Total assets increase and equity increases.
Correct Answer:
Verified
Q173: From the following information taken from the
Q175: Today,Cedar Park Company paid $600 of its
Q176: At the end of its first year
Q177: Which of the following statements is correct
Q179: Reese's Company reported equity of $22,000 on
Q180: Willie's Attic has the following account balances
Q188: Identify the three forms of business organizations.
Q192: Describe the main user groups, their members,
Q200: List the three types of activities reported
Q226: What distinguishes liabilities from equity?
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