1- A business invoices a customer $200 for maintenance services supplied on credit. The effect of this transaction on the accounting equation is:

a decrease in the asset accounts receivable $200 and an increase in profit or loss by $200 to record the services income.

an increase in the asset accounts receivable $200 and an increase in profit or loss by $200 to record the services income.

an increase in the asset cash $200 and an increase in profit or loss by $200 to record the services income.

an increase in the asset accounts receivable of $200 and a decrease in the asset cash $200 to record the amount paid.

2- The sale on credit of printer cartridges by Everything Computers is:

a personal transaction.

not a business transaction.

a business transaction.

a business event.

3- For the accounting equation to balance each transaction must:

affect two or more accounts.

affect the same number of asset and liability accounts.

always affect two accounts.

affect two or less accounts.