D. What is the effect on XYZ's accounting equation in June when it remitted the $10,000?

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05-01-2022
Business

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D. What is the effect on XYZ's accounting equation in June when it remitted the $10,000?

Sagot :

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s1648 s1648 · Answer 1 · 2022-01-05T09:46:18-05:00

Answer:

Determination of effect of the listed transactions of Nikea Inc. on the accounting equation:

It is given that In May 2013, Nikea recorded the transaction by debiting accounts receivable for $10,000 and crediting service revenues for $10,000.

Accounts receivable is an asset and debiting assets means increasing the asset. A Service revenue is part of equity and crediting the revenue means increasing the equity.

Hence we can say that this transaction as increased the assets and equity of Nikea Inc.

Explanation:

Determination of effect of the listed transactions of Nikea Inc. on the accounting equation:

It is given that In May 2013, Nikea recorded the transaction by debiting accounts receivable for $10,000 and crediting service revenues for $10,000.

Accounts receivable is an asset and debiting assets means increasing the asset. A Service revenue is part of equity and crediting the revenue means increasing the equity.

Hence we can say that this transaction as increased the assets and equity of Nikea Inc.

Sagot :

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