Revenues are reported when a. cash is received from the customer b. a contract is signed c. work is begun on the job d. work is completed on the job Gomez Service Company paid its first installment on a note payable of $2,000. How will this transaction affect the accounting equation? a. increase in labalities (Nates Poyable) and decrease in assets (Cash) b. decrease in asset (Cash) and decrease in liablilite: (Notes Payable) c. decrease in assets (Cash) and dectease in owner's nquity (Note Payable Expente) d. decrease in assets (Cash) and decrease in assets (Notes keceiYable) Revenues are reported when a. cash is received from the customer b. a contract is signed c. work is begun on the job d. work is completed on the job Gomez Service Company paid its first installment on a note payable of $2,000. How will this transaction affect the accounting equation? a. increase in labalities (Nates Poyable) and decrease in assets (Cash) b. decrease in asset (Cash) and decrease in liablilite: (Notes Payable) c. decrease in assets (Cash) and dectease in owner's nquity (Note Payable Expente) d. decrease in assets (Cash) and decrease in assets (Notes keceiYable)