Several Transactions Are Listed

question 216

Multiple Choice

Several transactions are listed. Use the choices to identify the effect on the accounting equation for each transaction listed. (Choices may be used more than once.)
-receiving cash from customers in advance for services to be provided next month

• A)assets and liabilities increase
• B)assets and contributed capital increase
• C)assets and retained earnings increase
• D)two asset accounts are impacted, but there is no net effect on total assets
• E)assets and liabilities decrease
• F)assets and retained earnings decrease
• G)liabilities increase and retained earnings decrease
• H)liabilities decrease and retained earnings increase

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Definitions:

In Rem Jurisdiction

Legal authority based on the power of the court over property within its jurisdiction, regardless of the property owner's location.

Document Alteration

Document alteration refers to the unauthorized modification of a document's content, often for fraudulent purposes.

Discovery Requests

Formal requests for information and documents from the opposing party in legal proceedings.

Legitimate Discovery

The process of legally obtaining evidence during pre-trial investigations in a manner recognized and approved by the court.