Please explain very detailed
1. If services are rendered on account, the
a. Assets will decrease
b. Liabilities will increase
c. Stockholders’ equity will increase
d. Liabilities will decrease
2. The purchase of an asset for cash
a. Increase assets and stockholders equity
b. Increase assets and liabilities
c. Decrease assets and increase liabilities
d. Leaves total assets unchanged
3. Powers Corporation received a cash advance of $500 from a customer. As a result of this event,
a. Assets increased by $500
b. Equity increased by $500
c. Liabilities decreased by $500
d. Both assets and equity increased by $500
