Asked by

Xaviery Latimer
on Nov 12, 2024

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Which of the following situations increases owner's equity?

A) Supplies are purchased on account.
B) Services are provided on account.
C) Cash is received from customers on account.
D) Utility bill will be paid next month.

Supplies

Materials or items which are used in the operation of a business or needed in the production process.

Services

Economic activities that are intangible, are not stored, and do not result in ownership transfer from the service provider to the service receiver.

  • Identify the impact of transactions on owner's equity.
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Philip MorrealeNov 13, 2024
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