ABC Inc. purchased supplies for $1,000 on credit while at same time made sales of $1,200 on account. What is the total net effect on the accounting equation:
Select one:

A. all the choices are wrong
B. Total Assets and Total Liabilities +$2,200: Total Equity +$1,200
C. Total Assets +$1,100, Total Liabilities -$1,000: Total Equity +$1,200
D. Total Assets +$2,200, Total Liabilities +$1,000; Total Equity +$1,200

Which of the following groups of accounts is not included among the balance sheet accounts? 

Select one: 

A. Liabilities. 

B. All of the above are included among the balance sheet accounts. 

C. Owner's equity accounts.

D. Revenues. 

E. Assets

Answer rating: 100% (QA)

SOLUTION 1 Answer Option D Total Assets 2200 liabilities 1200 Eq... View the full answer