Determine what effects, if any, the event had on the net income and on the balance sheet. The policy is to record prepayments into balance sheet accounts. Mar. 9 The company completed a $7,500 project on credit for a client who must pay within 30 days. The event The event The event net income because total assets. total liabilities. equity because The event Determine what effects, if any, the event had on the net income and on the balance sheet. The policy is to record prepayments into balance sheet accounts. Mar. 9 The company completed a $7,500 project on credit for a client who must pay within 30 days. The event The event The event The event net income because total assets. total liabilities. equity because