Homework Answers
Option c i.e. increase asset and increase stockholders' equity is correct
Reason:
1.For increase in asset: Since, we have billed the customer, the amount recevable from him will be our asset and such amount will be presented in asset side of our balance sheet as sundry debtor.
2.For increase stockholders' equity: Since, we have generated revenue by giving consultancy advice and profit generated from revenue is transferred to stockholders' equity. As thus transfer of such revenue will lead to increase in stockholders' equity.
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