Mar. 22 the company received $3500 cash as partial payment for the work completed on March 9.

the event ____ net income because ______. the event _____ total assets. the event _____ total liabilities. the event _____ equity because _____.

possible answers from drop down box:

has no effect on

increases

decreases

no income statement accounts were affected

The revenue increases

The revenue decreases

The expenses increase

The Expenses decrease

It is an owners contribution

Net income decreases

Net income

It is a distribution