On Ist of June, ABC received a $1000 cash advance from one of its clients for a service delivery on the 31st ofJune. What is the effect of this activity on the Accounting Equitation?Select one:a. Increase of $1000 in Equity - Increase of S1000 in Revenuesb. Increase of $1000 in Assets - Increase of $1000 in Liabilitiesc. Decrease of $1000 in Expenses - Increase of $1000 in Liabilitiesd. Increase of $1000 in Equity - Increase of $1000 in Liabilities

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Description: On Ist of June, ABC received a $1000 cash advance from one of its clients for a service delivery on the 31st ofJune. What is the effect of this activity on the Accounting Equitation?Select one:a. Increase of $1000 in Equity - Increase of S1000 in Re

Unearned revenue: Unearned revenue refers to the cash amount received by the company for the goods…

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une, ABC received a $1000 cash advance from one of its clients for is the effect of this activity on the Accounting Equitation? of $1000 in Equity - Increase of $1000 in Revenues of $1000 in Assets - Increase of $1000 in Liabilities of $1000 in Expenses - Increase of $1000 in Liabilities

une, ABC received a $1000 cash advance from one of its clients for is the effect of this activity on the Accounting Equitation? of $1000 in Equity - Increase of $1000 in Revenues of $1000 in Assets - Increase of $1000 in Liabilities of $1000 in Expenses - Increase of $1000 in Liabilities

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 [The following information applies to the questions displayed below] The following is a list of accounts and adjusted amounts for Rollcom, Incorporated, for the fiscal year ended September 30, 2021. The accounts have normal debit or credit balances. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Income Tax Expense Notes Payable (long-term) office Expense Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Supplies $ 38,700 66,100 21,100 79,900 94,400 90,300 10,460 1,460 6,260 163,800 99 160 View transaction list 128,300 324,500 34,800 2. Prepare the closing entry required at September 30, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) U