Consider the following transactions: I. Borrowed cash on a note payable, $80,000
II. Provided services on account, $10,000
III. Received cash from a customer as payment on account, $8,000
IV. Received a utility bill, $1,200
Total assets would be:
A)$96,800.
B)$88,000.
C)$90,000.
D)$98,000.

Question

Quizplus · Accepted Answer

The transactions that affect total assets are borrowing cash ($80,000) and receiving cash from a customer ($8,000), resulting in a total of $88,000. The other transactions (providing services on account and receiving a utility bill) do not affect total assets. Therefore, the total assets would be $88,000.

Consider the Following Transactions: I