Hamilton Lawn Service earned $1,000 for services rendered and collected cash from its customer. What is the effect on accounts?
A) Cash account increases; Accounts payable increases.
B) Cash account increases; Accounts receivable increases.
C) Cash account increases; Supplies account decreases.
D) Cash account increases; Owner's capital account increases.
Ans: D) Cash account increases; Owner's capital account increases.
Business
You might also like to view...
An audit is conducted:
A) after the planning period is over. B) before finalizing the marketing plan. C) after the marketing plan is completed. D) before preparing the marketing plan.
Business
One component of a firm's financial structure which is NOT a component of its capital structure is
A) common stock. B) accounts payable. C) preferred stock. D) long-term debt.
Business