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In a trial balance prepared on March 31, the total of the credit column is: * On March 31, the ledger of V Service consists of the following: Cleaning equipment Accounts payable V, Capital Office equipment 1,780 1,570 3,500 1,200 2,100 Accounts receivable Cash 690 Salaries payable Cleaning supplies 980 280 Your answer The collection of an account receivable will: O Increase total assets O Increase total revenues O Decrease total assets Have no effect on total assets

In a trial balance prepared on March 31, the total of the credit column is: * On March 31, the ledger of V Service consists of the following: Cleaning equipment Accounts payable V, Capital Office equipment 1,780 1,570 3,500 1,200 2,100 Accounts receivable Cash 690 Salaries payable Cleaning supplies 980 280 Your answer The collection of an account receivable will: O Increase total assets O Increase total revenues O Decrease total assets Have no effect on total assets

FINANCIAL ACCOUNTING
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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In a trial balance prepared on March 31, the total of the credit column is: * On March 31, the ledger of V Service consists of the following: Cleaning equipment Accounts payable V, Capital Office equipment 1,780 1,570 3,500 1,200 Accounts receivable 2,100 Cash 690 Salaries payable Cleaning supplies 980 280 Your answer The collection of an account receivable will: O Increase total assets O Increase total revenues O Decrease total assets O Have no effect on total assets
Transcribed Image Text:In a trial balance prepared on March 31, the total of the credit column is: * On March 31, the ledger of V Service consists of the following: Cleaning equipment Accounts payable V, Capital Office equipment 1,780 1,570 3,500 1,200 Accounts receivable 2,100 Cash 690 Salaries payable Cleaning supplies 980 280 Your answer The collection of an account receivable will: O Increase total assets O Increase total revenues O Decrease total assets O Have no effect on total assets
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