financial account answer want asap. NO AI please A company performed $25,905 of services and received $9,000 in cashwith the remaining amount to be paid in 60 days with no interest.What would the effect of this transaction on the company's currentmonth-end accounting equation?A. $25,905 increase in Assets; No effect on Liabilities; $25,905 increasein Stockholders' Equity.B. $16,905 increase in Assets; No effect on Liabilities; $16,905 increasein Stockholders' Equity.C. $25,905 increase in Assets; $25,905 increase in Liabilities; No effecton Stockholders' Equity.D. $9,000 increase in Assets; $16,905 decrease in Liabilities; $25,905increase in Stockholders' Equity.

Step 1: impact on Assets$9,000 will be received in cash, so assets will increase by $9,000$25,905 -…

Answered: A company performed $25,905 of services…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2SEQ: The receipt of $8,000 cash for fees earned was recorded by Langley Consulting as an increase in cash...

See similar textbooks

Similar questions

Saddleback Company paid off $36,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? Multiple Cholce Assets, $36,000 Increase; equlty. $36,000 Increase. Assets, $36,000 decrease: liabilitles, $36,000 decrease. Assets, $36,000 decrease; liabilities, $36,000 Increase. Llabilitles, $36,000 decrease; egulty, $36,000 Increase. Assets, $36,000 decrease; gulty $36,000 decrease.
Saddleback Company paid off $46,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? Multiple Choice O O Assets decrease $46,000; equity decreases $46,000. Assets decrease $46,000; liabilities decrease $46,000. Assets decrease $46,000; liabilities increase $46,000. Liabilities decrease $46,000; equity increases $46,000. Assets increase $46,000; equity increases $46,000. 11
What is the amount of change in retained earnings for the year?
A company has current assets of $475,000 and current liabilities of $325,000. For each action on the right, indicate the effect on the current ratio (Increase, decrease, or no change). Analyze each action independently of the others. v The company uses cash to pay off a bank loan that is not due for two years. A. No change. B. Increase, v The company collects cash from outstanding accounts receivable. C. Decrease. v The company recognizes insurance expense from a prepaid insurance asset. v The company receives cash from issuing new shares of stock. v The company sells $9,500 of products on account. Using FIFO, the cost of goods sold for the products is $5,200. v The company acquires $12,000 of inventory on account. earch 12:01 PM 5/5/2021 DELL F3 F4 F5 F6 F7 F8 F9 F10 F11 F12 PrtScr Insert Delete #3 %2$ 近

Please need answer the following requirements for this accounting question
Give me correct answer the following requirements on these accounting question
If a company paid $38,000 of its accounts payable in cash, what was the effect on the assets, liabilities, and equity? A. B. C. D. Group of answer choices Assets would decrease $38,000, liabilities would decrease $38,000, and equity would not change. There would be no effect on the accounts because the accounts are affected by the same amount. Assets would decrease $38,000, liabilities would decrease $38,000, and equity would increase $38,000. Assets would decrease $38,000, liabilities would decrease $38,000, and equity would decrease $38,000.
ANSWER IS LETTER B. 9,000. PLEASE PROVIDE SOLUTION
Answer only.
Answer only.
What is ROA? Accounting question
I don't need ai answer accounting questions

SEE MORE QUESTIONS

Recommended textbooks for you

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS