Question 5At the beginning of November, 2017, Avalanche Corp. has an existing accounts receivable (A/R) balance of $35,056. On November 16th, 2017, Avalanche Corp. receives $15,112 in payments from customers on their accounts. What is the effect of this transaction on Avalanche Corp.’s accounts?1 pointCash increases; Accounts Payable (A/P) decreasesCash increases; Sales revenue decreasesAccounts Receivable (A/R) decreases; Accounts Payable (A/P) increasesAccounts Receivable (A/R) decreases; Service revenue increasesCash increases; Accounts Receivable (A/R) decreases

6.Question 6Which of the following effects on accounts from a transaction is possible?1 pointCash decreases; Accounts Payable (A/P) decreasesCash increases; Accounts Receivable (A/R) increasesRent expense increases; Cash increasesAccounts Receivable (A/R) decreases; Sales revenue increasesInventory increases; Accounts Payable (A/P) decreases

When a company records sales on credit, how does it impact the accounts and financial statements?Question 12Answera.Increases revenue and decreases accounts receivable.b.Increases cash and decreases accounts receivable.c.Increases cash and increases revenue.d.Increases accounts receivable and increases revenue.

Question 4A firm received a utility bill of $1,000; management paid immediately $200 in cash, and decided to wait to pay the rest. What are the net changes on the accounts impacted by this transaction?1 pointA net increase in Total Liabilities, a net increase in Total Assets, a net decrease in Total Shareholders’ EquityA net increase in Total Liabilities, a net decrease in Total Assets, a net decrease in Total Shareholders’ EquityA net decrease in Total Liabilities, a net decrease in Total Assets, a net decrease in Total Shareholders’ EquityA net increase in Total Liabilities, a net decrease in Total Assets, a net increase in Total Shareholders’ Equity

4.  Assume Gucci paid expenses totaling P35,000. How does this transaction affect Gucci's accounting equation?*a. Decreases both assetsf and owner's equityb. Decreases assets and increases liabilitiesc. Increases both assets and owner's equityd. increases assets and decrease liabilities

A firm sold goods for $10,000 in cash. Those goods originally cost $12,000. What are the net changes on the accounts impacted by this transaction?1 pointTotal Assets have a net increase. Shareholders’ Equity has a net increase.Total Assets have a net increase. Shareholders’ Equity has a net decrease.Total Assets have a net decrease. Shareholders’ Equity has a net decrease.Total Assets have a net decrease. Shareholders’ Equity has a net increase.