Virginian Enterprises received a bill from Livingstone Landscaping for $14,500. They paid $5,000 on receipt of...
Virginian Enterprises received a bill from Livingstone Landscaping for $14,500. They paid $5,000 on receipt of the bill and agreed to pay the remainder by the end of the month. For Virginian Enterprises, this transaction
a.
decreases assets, liabilities and stockholder’s equity.
b.
has no effect on the basic accounting equation.
c.
increases assets and liabilities.
d.
increases liabilities; decreases assets and stockholders’ equity.
Homework Answers
|
option d increase liabilities;decrease assets and stockholders equity since enterprise promised to pay some amount later so it will create a liability, assets will decrease as some amount was paid by cash , since it is received some services so for it is an expense which will decrease the equity. |
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