On 1st of June, ABC received a $1500 cash advance from one of its clients for a service delivery on the 31st of June. What is the effect of this activity on the Accounting Equitation? Select one: a. Increase of $1500 in Assets - Increase of $1500 in Liabilities b. Increase of $1500 in Equity - Increase of $1500 in Revenues c. Increase of $1500 in Equity - Increase of $1500 in Liabilities d. Decrease of $1500 in Assets - Increase of $1500 in Liabilities

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is