Lang Industries Provided Services to Customers Then Sent Invoices for the Amounts

question 95

Multiple Choice

Lang Industries provided services to customers then sent invoices for the amounts owed. What effect does this transaction have on the accounting equation?

• A) Assets and liabilities increase
• B) Assets and retained earnings increase
• C) Liabilities decrease and contributed capital increases
• D) Assets and liabilities decrease

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Definitions:

Equality

The state of being equal, especially in status, rights, and opportunities.

Inequality

A situation where resources, opportunities, and rights are distributed unevenly among members of a society.

Resocialization

The process by which individuals undergo a transformation in their personality by discarding former behavioral patterns and accepting new ones, often in new social contexts.

Convergence

In communication and social psychology, convergence refers to the process by which individuals adjust their communicative behaviors to be more similar to their communication partners, promoting understanding and rapport.