ReAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false On December 1, Elite Dance Company was billed for a dance competition fee that occurred the previous weekend - but they will not pay the bill until January 1 1 Elite Dance Company has a December 31 year-end, what is the impact on the Balance Sheet based on this transaction? O Aucts increase: No effect on Liabilities, Stockholder's Equity increases Assets increase Liabilities increase: No effect on Stockholder's Equity Assets decrease;Libilities decrease No effect on Stockholder's Equity No effect on Aucts Liabilities increase Stockholder's Equity decreases Previous Nect