Which of the Following Transactions Would Increase Total Assets? I

question 82

Multiple Choice

Which of the following transactions would increase total assets? I. Borrowed cash on a note payable, $80,000
II. Provided services on account, $10,000
III. Received cash from a customer as payment on account, $8,000
IV. Received a utility bill, $1,200

• A)I, II, and III
• B)I and II
• C)I and III
• D)All of these answers are correct.

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Definitions:

Text Messaging

The act of composing and sending brief, electronic messages between two or more mobile devices or computers.

Memorandum

A written message used for internal communication within an organization, often informal and addressing operational matters.

Warehouse Supervisor

A professional responsible for overseeing the daily operations of a warehouse, including inventory management, staff coordination, and ensuring safety protocols are followed.

Purchasing Department

A division within a company responsible for acquiring goods and services needed for business operations.