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During March, Rhino Company provides $23,000 in consulting services of which $12,000 is immediately paid for and $11,000 is on account. a. Revenues increase $12,000,
During March, Rhino Company provides $23,000 in consulting services of which $12,000 is immediately paid for and $11,000 is on account. a. Revenues increase $12,000, liabilities decrease $12,000, and Shareholders' equity is unchanged. b. Cash increases $12,000, revenue increases $11,000, and Shareholders' equity increases $23,000. c. Cash increases $12,000, Accounts Receivable increases $11,000, and revenues increase $23,000. d. Accounts Receivable increases $11,000, liabilities decrease $12,000, and Shareholders' equity decreases $1,000
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