An entity has provided services to a customer totalling $30,000. The services were provided to the...
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An entity has provided services to a customer totalling $30,000. The services were provided to the customer on credit, with payments expected in 14 days. Please advise the entity how to treat this $30,000 on the actual service provided, according to the definition of an element under the conceptual framework. Definition An increase in assets or a decrease in liabilities Result in an increase equity Exclude owner's contributions of equity Conclusion Y/N Justification An entity has provided services to a customer totalling $30,000. The services were provided to the customer on credit, with payments expected in 14 days. Please advise the entity how to treat this $30,000 on the actual service provided, according to the definition of an element under the conceptual framework. Definition An increase in assets or a decrease in liabilities Result in an increase equity Exclude owner's contributions of equity Conclusion Y/N Justification
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Definition An increase in asset or a decrease in liabilities YN Yes Justification The entity provide... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
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