If services are rendered on account, the: # General Account. If services are rendered on account, the:a. Assets will decrease.b. Liabilities will increase.c. Stockholders' equity will increase.d. Liabilities will decrease.

The correct answer is:c. Stockholders' equity will increase. Explanation:When services are rendered…

Answered: If services are rendered on account,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...

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Similar questions

Which of the following accounts is increased by a debit? A. Common Stock B. Accounts Payable C. Supplies D. Service Revenue
Consider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes Payable
An increase to which of these accounts will increase owners equity? (a) Accounts Payable (b) Drawing (c) Client Fees (d) Rent Expense
Que. Account
Which of the following normally has a net credit balance? A. Asset accounts such as cash, accounts receivable, inventory, and equipment B. Expenses that decrease retained earnings C. Dividends that decrease retained earnings D. Revenues that increase retained earnings
A credit is used to increase which of the following accounts? a. Dividends. b. Insurance Expense. c. Cash. d. Service Revenue.
Which of the following groups of accounts increase with a credit? Oa. assets, common stock, revenues Ob. common stock, revenues, expenses Oc. liabilities, common stock, revenues
Payment of a divdend will : A. Decrease net income B. Increase net income C. Decrease retained earnings D. Increase retained earnings.
The accounting equation may be expressed as: Choose the best answer. a. Assets Liabilities = Owner's Equity b. Assets Liabilities = Owner's Equity c. Assets = Revenues less Liabilities d. Assets = Equities - Liabilities
The accounting equation is expressed as ________.A. Assets + Liabilities = Owner’s EquityB. Assets – Noncurrent Assets = LiabilitiesC. Assets = Liabilities + Investments by OwnersD. Assets = Liabilities + Owner’s Equity
What is the impact on the accounting equation when an accounts receivable is collected?A. both sides increaseB. both sides decreaseC. only the Asset side changesD. the total of neither side changes
Which of the following pairs increase with credit entries?A. supplies and retained earningsB. rent expense and unearned revenueC. prepaid rent and common stockD. unearned service revenue and accounts payable

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If services are rendered on account, the: a. Assets will decrease. b. Liabilities will increase. c. Stockholders' equity will increase. d. Liabilities will decrease.