Asked by
Xaviery Latimer
on Nov 12, 2024Verified
Which of the following situations increases owner's equity?
A) Supplies are purchased on account.
B) Services are provided on account.
C) Cash is received from customers on account.
D) Utility bill will be paid next month.
Supplies
Materials or items which are used in the operation of a business or needed in the production process.
Services
Economic activities that are intangible, are not stored, and do not result in ownership transfer from the service provider to the service receiver.
- Identify the impact of transactions on owner's equity.
Verified Answer
PM
Learning Objectives
- Identify the impact of transactions on owner's equity.
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