Solved

Payment Is Made for the Telephone Bill Which Was Recorded

Question 27

Multiple Choice

Payment is made for the telephone bill which was recorded previously. What effect does this transaction have on the accounting equation?


A) Assets and liabilities increase
B) Assets and retained earnings increase
C) Liabilities increase and contributed capital decreases
D) Assets and liabilities decrease

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions