Homework Answers
Answer: Increases Stockholders' Equity
Explanations:
Unearned revenue is a 'Liability' account. Consulting revenue is a 'Revenue' account.
Debit to Unearned revenue - Decreases Liability
Credit to Consulting revenue - Increases Stockholders' Equity.
Thus,
Option i: Increases stockholders' Equity is correct
Option ii: increases liabilities is incorrect because it decreases liabilities
Option iii: Decrease assets is incorrect because Assets are not affected.
Options iv: Increases assets is incorrect because Assets are not affected
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Performed $28,700 of services on account.
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