During March, the Long Life Consulting Company Provides $23,000 in Consulting

question 133

Multiple Choice

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 contributed capital 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 stockholders' equity decreases $1,000.
• D) Revenues increase $12,000, liabilities decrease $12,000, and stockholders' equity is unchanged.

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Definitions:

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A detailed plan or schedule outlining the subjects, activities, or discussions to be covered during a meeting or session.

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