Assume that Global Cleaning Service performed cleaning services for a department store on account for $180. How would this transaction affect Global Cleaning Service's accounting equation?A. Increase both assets and liabilities by $180B. Increase both assets and equity by $180C. Increase both liabilities and equity by $180D. Decrease liabilities by $180, and increase equity by $180

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Description: Assume that Global Cleaning Service performed cleaning services for a department store on account for $180. How would this transaction affect Global Cleaning Service's accounting equation?A. Increase both assets and liabilities by $180B. Increase bo

An accounting equation refers to an equation that shows the effect of accounting transactions on all…

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Assume that Global Cleaning Service performed cleaning services for a department store on account for $180. How would this transaction affect Global Cleaning Service's accounting equation? OA. Increase both assets and liabilities by $180 OB. Increase both assets and equity by $180 OC. Increase both liabilities and equity by $180 O D. Decrease liabilities by $180, and increase equity by $180

Assume that Global Cleaning Service performed cleaning services for a department store on account for $180. How would this transaction affect Global Cleaning Service's accounting equation? OA. Increase both assets and liabilities by $180 OB. Increase both assets and equity by $180 OC. Increase both liabilities and equity by $180 O D. Decrease liabilities by $180, and increase equity by $180

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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