7. A company performed $8,635 of services and received $3,000 in cash with the remaining amount to be paid in 60 days with no interest. What would the effect of this transaction on the company's current month-end accounting equation? A) $3,000 increase in Assets; $5,635 decrease in Liabilities; $8,635 increase in Stockholders' Equity B) $8,635 increase in Assets; $8,635 increase in Liabilities; No effect on Stockholders' Equity C) $5,635 increase in Assets; No effect on Liabilities; $5,635 increase in Stockholders' Equity D$8,635 inerease in Assets; No effect on Liabilities; $8,635 increase in Stockholders' Equity Show this transaction using a journal entry. Debit Credit 8. A company received payment of $10,000 from a customer that had previously received services performed on account. What would the effect of this transaction on the company's current month accounting equation? (A) No effect on Assets; No effect on Liabilities; No effect on Stockholders' Equity B) $10,000 increase in Assets; $10,000 increase in Liabilities; No effect on Stockholders' Equity C) $10,000 increase in Assets; No effect on Liabilities; $10,000 increase in Stockholders' Equity D) No effect on Assets; $10,000 increase in Liabilities; $10,000 decrease in Stockholders' Equity Show this transaction using a journal entry. Debit Credit