Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What is the answer to this accounting questions? OFFICE MEMORANDUM Date: 19/02/2021 To: Accountant SUBJECT: 1. Received $520 from the manager of Tranquil Deck for
What is the answer to this accounting questions?
OFFICE MEMORANDUM Date: 19/02/2021 To: Accountant SUBJECT: 1. Received $520 from the manager of Tranquil Deck for a job which will take 20 working days to complete, starting on 1st March. Signed: Michael Brown Assuming that instead of getting paid for the consulting job on February 19, MBB issues an invoice on February 19 and payment is due upon completion of the job, 1. Total liabilities for February will decrease 2. Total revenue for February will not change 3. Total assets for February will not change Only statement 2 is INCORRECT. Only statement 1 is INCORRECT. Only statement 3 is CORRECT. Only statement 2 is CORRECTStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started