Blake Company completed a consulting job and billed the customer $5,000. The impact onBlake Company from this transactiona. increases assets and increases liabilities.b. increases liabilities and decreases stockholders’ equity.c. decreases liabilities and increases stockholders’ equity.d. increases assets and increases stockholders’ equity.
Blake Company completed a consulting job and billed the customer $5,000. The impact onBlake Company from this transactiona. increases assets and increases liabilities.b. increases liabilities and decreases stockholders’ equity.c. decreases liabilities and increases stockholders’ equity.d. increases assets and increases stockholders’ equity.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter2: Basic Accounting Systems: Cash Basis
Section: Chapter Questions
Problem 2SEQ: The receipt of $8,000 cash for fees earned was recorded by Langley Consulting as an increase in cash...
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Blake Company completed a consulting job and billed the customer $5,000. The impact on
Blake Company from this transaction
a. increases assets and increases liabilities.
b. increases liabilities and decreases
c. decreases liabilities and increases stockholders’ equity.
d. increases assets and increases stockholders’ equity.
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