Performing services on account:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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Performing services on accounts means amount is to be received in future for the services rendered on the date.
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