During March,the Long Life Consulting Company provides $23,000 in consulting services of which $12,000 is immediately paid for and $11,000 is on account.
A) Cash increases $12,000,revenue increases $11,000,and Shareholders' equity increases $23,000.
B) Cash increases $12,000,Accounts Receivable increases $11,000,and revenues increase $23,000.
C) Accounts Receivable increases $11,000,liabilities decrease $12,000,and Shareholders' equity decreases $1,000.
D) Revenues increase $12,000,liabilities decrease $12,000,and Shareholders' equity is unchanged.
Correct Answer:
Verified
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