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The grid below is a list of possible effects on the Income Statement and the Balance Sheet. The code is: += increase; -- decrease;
The grid below is a list of possible effects on the Income Statement and the Balance Sheet. The code is: += increase; -- decrease; NE = no effect Revenue Expense Net Income Assets Liabilities Equity a. +10,000 NE +10,000 +10,000 NE +10,000 b. +10,000 NE +10,000 +2,000 +8,000 +10,000 C. NE NE NE +2,000 +10,000 NE +10,000 --2,000 --2,000 NE +2,000 d. +2,000 NE e. +2,000 NE +2,000 +2,000 NE Match the effect that the transaction below would have on Happy Maids Cleaning Corporation's Income Statement and Balance Sheet. Choose(a), (b), (c), (d), or (e) from the grid above. For example, if the transaction were "Paid $2,000 due on accounts payable," the correct answer would be (c) because there is no effect on revenue, expense, or net income; a $2,000 decrease in assets and a $2,000 decrease in liabilities; and no effect on equity. Transaction: Provided $10,000 of cleaning services to customers. $2,000 were for customers who paid in cash, and $8,000 were for customers who were sent bills for the amounts they owe.) O a Ob Od
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