Several Transactions Are Listed

question 109

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.)
-collecting cash from customers on credit

• 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:

Peer Pressure

the influence exerted by a peer group on its individual members to fit in with or conform to the group's norms and expectations.

Good Grades

Marks awarded for academic performance, reflecting a high level of comprehension and mastery of the subject matter.

Ostracized

Excluded, ignored, or shunned by others or by a social group.

Elite Crowd

A group regarded as possessing the highest level of skill, social status, or power within a certain domain or society.