How Would the Accounting Equation of Lenore Turner's Consulting Business

question 207

Multiple Choice

How would the accounting equation of Lenore Turner's consulting business be affectedby the billing of a client for $2,000 for consulting work completed?

• A)Accounts receivable, $2,000 increase, liabilities, $2,000 decrease.
• B)Accounts receivable, $2,000 increase, cash, $2,000 decrease.
• C)Accounts receivable, $2,000 increase, cash, $2,000 increase.
• D)Accounts receivable, $2,000 increase, equity, $2,000 increase.
• E)Accounts receivable, $2,000 increase, liabilities, $2,000 increase.

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To have possession or control of something, typically property, rights, or obligations.

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In mathematics, the set of elements that are common to two or more sets.

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Happens or takes place.

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The likelihood of one event happening when it's known that a different event has already taken place.