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04-09-2020
Business

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Price Company provides cleaning services to customers for $10,000 cash. What are the effects of this transaction on the accounting equation? (Select all that apply.)

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Parrain Parrain

05-09-2020

Answer:

Increase assets

Increase retained earnings

Explanation:

Price Company is a service provider so when the cash is paid to them for offering the cleaning service, it will count as revenue which will serve to increase equity holdings.

The cash account will also increase by a sum of $10,000 and as cash is an asset, the assets will increase.

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