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The net change in Total Assets as a result of the three transactions in December is: Cics to select) a net decrease of $(2,000) a net increase of $300 anet increase of $2,000 There is no net change in Total Assets. a net decrease of $(300)

The net change in Total Assets as a result of the three transactions in December is: Cics to select) a net decrease of $(2,000) a net increase of $300 anet increase of $2,000 There is no net change in Total Assets. a net decrease of $(300)

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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Required information On December 1, a company reported the following balances: • Total Assets: $230,000 • Total Liabilities: $119,600 • Retained Earnings: $92,000 • Common Stock: $18,400 During the month, the following transactions occurred: • December 5: paid cash for rent for the current month of $3,800. • December 15: purchased office supplies using cash of $1,700. • December 20: received cash for services to be provided in the future of $5,800. Use the information above to answer the questions below. The net change in Total Assets as a result of the three transactions in December is: V (Clics to select) a net decrease of $(2,000) a net increase of $300 a net increase of $2,000 There is no net change in Total Assets. a net decrease of $(300)
Transcribed Image Text:Required information On December 1, a company reported the following balances: • Total Assets: $230,000 • Total Liabilities: $119,600 • Retained Earnings: $92,000 • Common Stock: $18,400 During the month, the following transactions occurred: • December 5: paid cash for rent for the current month of $3,800. • December 15: purchased office supplies using cash of $1,700. • December 20: received cash for services to be provided in the future of $5,800. Use the information above to answer the questions below. The net change in Total Assets as a result of the three transactions in December is: V (Clics to select) a net decrease of $(2,000) a net increase of $300 a net increase of $2,000 There is no net change in Total Assets. a net decrease of $(300)
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