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How would the accounting equation of Boston Company be affected by the billing of a client for 10000 of counsulting work completed?
When Boston Company bills a client for $10,000 of consulting work completed, accounts receivable (an asset) will increase by $10,000, reflecting the amount owed by the client. Simultaneously, revenue (part of equity) will also increase by $10,000, reflecting the income earned from the consulting work. Therefore, the accounting equation (Assets = Liabilities + Equity) remains balanced as both sides increase by the same amount.
What else can I help you with?
Can a business enter into a transaction in which only the left side of the basic accounting equation is affected?
yes ,business can enter into a transaction in which only the left side of the basic equation is affected
Can a business enter into a transaction in which only the left side of a basic accounting equation is affected?
yes ,business can enter into a transaction in which only the left side of the basic equation is affected
What does the Accounting Equation in accounting?
The Accounting Equation is Assets=Liabilities + Owner's Equity?
Example of accounting equation?
The accounting equation is as follows: Assets = Liabilities + Stockholder's Equity
What is the fandamental accounting equation?
The fundamental accounting equation: Assets = Liabilities + Equity, is the basis for all financial accounting measurements.
Can a business enter into a transaction in which only the left side of a basic accounting equation is affected?
yes ,business can enter into a transaction in which only the left side of the basic equation is affected
Can a business enter into a transaction in which only the left side of the basic accounting equation is affected?
yes ,business can enter into a transaction in which only the left side of the basic equation is affected
How are liabilities affected by debits and credits in accounting?
In accounting, liabilities are affected by debits and credits based on the type of transaction. When a liability increases, it is recorded as a credit, and when a liability decreases, it is recorded as a debit. This helps maintain the balance in the accounting equation.
What does the Accounting Equation in accounting?
The Accounting Equation is Assets=Liabilities + Owner's Equity?
What is the role of accounting equation in the study of accounting equation?
you did the mathh wrong and must re-do it
Example of accounting equation?
The accounting equation is as follows: Assets = Liabilities + Stockholder's Equity
What is the fandamental accounting equation?
The fundamental accounting equation: Assets = Liabilities + Equity, is the basis for all financial accounting measurements.
What is the accounting equation and how does it work?
The accounting equation displays the relationship between capital, liabilities and the assets. The accounting equation shows that the assets are a sum of the liabilities and the invested capital.
What is equality of the accounting equation?
Equality on the accounting equation is that Assets equal liabilities + owner's equity
Who introduce Accounting Equation?
It is based on Accounting Principle of Dual Aspect of Money http://www.freembanotes.in/finance/accountancy/30-accounting-equation
How do debits and credits affect the accounting equation?
The debits in the accounting equation increase the amount that appears on the left side. The credits in the accounting equation do the opposite and increase any amount that appears on the right side.
A record in the accounting equation?
Transaction
