On April 30, Kenyon Noble received a $12,500 utility bill for the month of April. Kenyon Noble plans to pay the utility bill on May 16. How will this transaction impact Kenyon Noble's financial statements on April 30? Question 11 options: Increase both assets and liabilities. Increase expenses and decrease assets. Decrease net income and increase liabilities. Increase liabilities and decrease assets.
On April 30, Kenyon Noble received a $12,500 utility bill for the month of April. Kenyon Noble plans to pay the utility bill on May 16. How will this transaction impact Kenyon Noble's financial statements on April 30? Question 11 options: Increase both assets and liabilities. Increase expenses and decrease assets. Decrease net income and increase liabilities. Increase liabilities and decrease assets.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:On April 30, Kenyon Noble received a $12,500 utility bill for the month of April.
Kenyon Noble plans to pay the utility bill on May 16. How will this transaction
impact Kenyon Noble's financial statements on April 30?
Question 11 options:
Increase both assets and liabilities.
Increase expenses and decrease assets.
Decrease net income and increase liabilities.
Increase liabilities and decrease assets.
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