answer statements 5-9 using the following independent business activities; A. Increase assets, decrease assets B. Increase assets, decrease liabilities C. Increase assets, increase liabilities D. Increase assets, increase equity E. Increase assets, decrease equity F. Increase liabilities, increase equity G. Increase liabilities, decrease equity H. Decrease liabilities, increase equity I. Decrease liabilities, decrease equity J. Decrease assets, decrease liabilities K. Decrease assets, increase liabilities L. Decrease assets, increase equity M. Decrease assets, decrease equity N. No entry is required. STATMENTS: 5. Insurance of $1,200, which was purchased in January, was used in May. 6. Received $2,300 of cash from a customer for work to be performed in the future. 7. Received a utility bill on April 30 for $1,250. The bill will be paid in early May. 8. Provide services to a customer worth $1,250, on account. 9. In July provided $900 of services to a customer who paid in advance in June.

answer statements 5-9 using the following independent business activities; A. Increase assets, decrease assets B. Increase assets, decrease liabilities C. Increase assets, increase liabilities D. Increase assets, increase equity E. Increase assets, decrease equity F. Increase liabilities, increase equity G. Increase liabilities, decrease equity H. Decrease liabilities, increase equity I. Decrease liabilities, decrease equity J. Decrease assets, decrease liabilities K. Decrease assets, increase liabilities L. Decrease assets, increase equity M. Decrease assets, decrease equity N. No entry is required. STATMENTS: 5. Insurance of $1,200, which was purchased in January, was used in May. 6. Received $2,300 of cash from a customer for work to be performed in the future. 7. Received a utility bill on April 30 for $1,250. The bill will be paid in early May. 8. Provide services to a customer worth $1,250, on account. 9. In July provided $900 of services to a customer who paid in advance in June.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter13: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 26DQ

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