Blake Company completed a consulting job and billed the customer $5,000. The impact onBlake Company from this transactiona. increases assets and increases liabilities.b. increases liabilities and decreases stockholders’ equity.c. decreases liabilities and increases stockholders’ equity.d. increases assets and increases stockholders’ equity.
Blake Company completed a consulting job and billed the customer $5,000. The impact onBlake Company from this transactiona. increases assets and increases liabilities.b. increases liabilities and decreases stockholders’ equity.c. decreases liabilities and increases stockholders’ equity.d. increases assets and increases stockholders’ equity.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Blake Company completed a consulting job and billed the customer $5,000. The impact on
Blake Company from this transaction
a. increases assets and increases liabilities.
b. increases liabilities and decreases
c. decreases liabilities and increases stockholders’ equity.
d. increases assets and increases stockholders’ equity.
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