On Ist of June, ABC received a $1000 cash advance from one of its clients for a service delivery on the 31st ofJune. What is the effect of this activity on the Accounting Equitation?Select one:a. Increase of $1000 in Equity - Increase of S1000 in Revenuesb. Increase of $1000 in Assets - Increase of $1000 in Liabilitiesc. Decrease of $1000 in Expenses - Increase of $1000 in Liabilitiesd. Increase of $1000 in Equity - Increase of $1000 in Liabilities

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Description: On Ist of June, ABC received a $1000 cash advance from one of its clients for a service delivery on the 31st ofJune. What is the effect of this activity on the Accounting Equitation?Select one:a. Increase of $1000 in Equity - Increase of S1000 in Re

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une, ABC received a $1000 cash advance from one of its clients for is the effect of this activity on the Accounting Equitation? of $1000 in Equity - Increase of $1000 in Revenues of $1000 in Assets - Increase of $1000 in Liabilities of $1000 in Expenses - Increase of $1000 in Liabilities

une, ABC received a $1000 cash advance from one of its clients for is the effect of this activity on the Accounting Equitation? of $1000 in Equity - Increase of $1000 in Revenues of $1000 in Assets - Increase of $1000 in Liabilities of $1000 in Expenses - Increase of $1000 in Liabilities

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...

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