13. On August 1, XYZ Inc. paid $5,000 in advance for September, October, and November rent.What would be the effect on the accounting equation for the transaction?a Increase Equity and decrease equityb.Increase Assets and decrease assetsIncrease Liabilities decrease assetsd. There is no effect on the accounting equation14. Assume Jacob performs a service and gets paid $100 later. Under what accounting method wouldthis transaction fall under?a. Cash Basis of Accountingb.Accrual Basis of AccountingC.Both Cash Basis and Accrual Basis of Accountingd. It would not fall under any accounting method15. Assume Jennifer decides to perform a service and gets paid $70 cash. Under what accountingmethod would this transaction fall under?a.Accrual Basis of Accountingb. Cash Basis of AccountingC.Both Cash Basis of and Accrual Basis of Accountingd. It would not fall under any accounting method

13. On August 1, XYZ Inc. paid $5,000 in advance for September, October, and November rent. What would be the effect on the accounting equation for the transaction? a Increase Equity and decrease equity b. Increase Assets and decrease assets Increase Liabilities decrease assets d. There is no effect on the accounting equation

13. On August 1, XYZ Inc. paid $5,000 in advance for September, October, and November rent. What would be the effect on the accounting equation for the transaction? a Increase Equity and decrease equity b. Increase Assets and decrease assets Increase Liabilities decrease assets d. There is no effect on the accounting equation

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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