Performing services on account:
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter5: Income Statement: Reporting The Results Of Operating Activities
Section: Chapter Questions
Problem 4Q
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Transcribed Image Text:Performing services on account:
increases assets and decreases stockholders' equity.
decreases revenues and decreases stockholders' equity.
O decreases both assets and liabilities.
O decreases assets and increases stockholders' equity
increases both net income and stockholders' equity.
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Step 1
Performing services on accounts means amount is to be received in future for the services rendered on the date.
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