Shaun,IncReceived Payment from a Customer in June for a Service

question 3

Multiple Choice

Shaun,Inc.received payment from a customer in June for a service that was provided during July.For the month of July,how will this be reflected in the basic accounting equation?

• A)Assets will not change,liabilities will decrease,and stockholders' equity will increase.
• B)Assets will increase,liabilities will increase,and stockholders' equity will not change.
• C)Assets will increase,liabilities will not change,and stockholders' equity will increase.
• D)Assets will decrease,liabilities will not change,and stockholders' equity will increase.

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Definitions:

Databases

In the context of bibliographic research, collections of (mostly) scholarly articles that can be searched electronically.

Double-barreled

Describing questions or statements that address more than one issue, yet only allow for a single response, potentially confusing the respondent.

Reliability

The degree to which the result of a measurement, calculation, or specification can be depended on to be accurate.

Causal Relationships

Connections between variables where a change in one variable directly causes a change in another.