Falana Received $7,000 in Cash from a Client for Professional

question 29

Multiple Choice

Falana received $7,000 in cash from a client for professional services rendered.This transaction would

• A) increase assets and increase owner's equity.
• B) decrease assets and increase owner's equity.
• C) increase liabilities and decrease owner's equity.
• D) decrease assets and decrease owner's equity.

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Definitions:

Liver

A vital organ that performs a wide range of functions, including detoxification, protein synthesis, and the production of biochemicals necessary for digestion.

Lingual Frenulum

A small fold of mucous membrane extending from the floor of the mouth to the midline of the underside of the tongue.

Papillae

Small projections on the tongue's surface involved in taste sensation, texture sensation, and aiding in the mechanical process of eating.

Vestibule

An entry area or space, such as the central cavity of the labyrinth of the inner ear, which is involved in sensing balance.