Performing services on account:Select one:O A. decreases revenues and decreases stockholders' equity.B. increases assets and decreases stockholders' equity.OC. decreases both assets and liabilities.D. increases both net income and stockholders' equity.

Assets are the resources owned by company. Liabilities are the obligations of company that will be…

Answered: Performing services on account: Select…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 16EB: For each of the following items, indicate whether a debit or a credit applies. A. increase in...

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Similar questions

Which set of accounts has the same type of normal balance? A. Cash, accounts payable B. Prepaid rent, unearned service revenue C. Dividends, common stock D. Accounts payable, retained earnings
Which of the following accounts is increased by a debit? A. Common Stock B. Accounts Payable C. Supplies D. Service Revenue
What is the impact on the accounting equation when stock is issued, in exchange for assets? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changes
Effects of transactions on stockholders’ equity Indicate whether each of the following types of transactions will (a) increase stockholders’ equity or (b) decrease stockholders’ equity. a. Issued common stock for cash. l. Received cash for fees earned. c. Paid cash for utilities expense. d. Paid cash for rent expense. e. Paid cash dividends.
Which of these accounts is never closed? A. Dividends B. Retained Earnings C. Service Fee Revenue D. Income Summary
Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Common Stock B. Dividends C. Dividends Payable D. Equipment E. Income Tax Expense F. Income Tax Payable G. Service Revenue H. Unearned Service Revenue I. Net Income
Which of the following pairs increase with credit entries? A. supplies and retained earnings B. rent expense and unearned revenue C. prepaid rent and common stock D. unearned service revenue and accounts payable
An increase to which of these accounts will increase owners equity? (a) Accounts Payable (b) Drawing (c) Client Fees (d) Rent Expense
Effects of transactions on stockholders’ equity For Target Corporation (TGT), indicate whether the following transactions would (1) increase, (2) decrease, or (3) have no effect on stockholders’ equity. a. Borrowed money front the bank. b. Paid creditors. c. Made cash sales to customers. d. Purchased store equipment. e. Paid dividends. f. Paid store rent. g. Paid interest expense. h. Sold store equipment at a gain. i. Received interest revenue. j. Paid taxes.
Which financial statement shows the financial position of the company? A. balance sheet B. statement of owners equity C. statement of cash flows D. income statement
Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the retained earnings statement (RE), or the Balance Sheet (BS). A. Insurance Expense B. Accounts Receivable C. Office Supplies D. Sales Revenue E. Common Stock F. Notes Payable
Classification of Financial Statement Items Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders equity (SE) item.

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Performing services on account: Select one: o 0 A. decreases revenues and decreases stockholders' equity. B. increases assets and decreases stockholders' equity. C. decreases both assets and liabilities. D. increases both net income and stockholders' equity.