Question: Why a.b.e are the answer? Please explain,thank you very much. Taylor Co. bills a client $48,000 for services provided and agrees to accept the following
Taylor Co. bills a client $48,000 for services provided and agrees to accept the following three items in full Exercise 2-5 payment: (1) $7,500 cash, (2) computer equipment worth $75,000, and (3) to assume responsibility for a Analyzing effects of $34,500 note payable related to the computer equipment. The entry Taylor makes to record this transaction transactions on accoun includes which one or more of the following? a. $34,500 increase in a liability account d $48,000 increase in an asset account b. $7,500 increase in the Cash account c.$7,500 increase in a revenue Al a be e. $48,000 increase in a revenue account account . $34,500increase in an equity account
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