A firm provides a service & earns $500 in Nov 2016 which is payable in April 2017. I understood how to do the Asset = Liabilities + Shareholder Equity for 2016. For 2017, Cash Collection - > Cash goes up $500 and AR goes down ($500). Why didn't this Cash Collection go into IS but went to AR instead?

A firm provides a service & earns $500 in Nov 2016 which is payable in April 2017. I understood how to do the Asset = Liabilities + Shareholder Equity for 2016. For 2017, Cash Collection - > Cash goes up $500 and AR goes down ($500). Why didn't this Cash Collection go into IS but went to AR instead?

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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