Arrowhead Delivery Service is owned and operated by Gates Deeter. The following selected transactions were completed by Arrowhead Delivery during August:
3. Billed customers for delivery services on account, $22,400.
Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense. To illustrate, the answer to (1) follows:
(1) Asset (Cash) increases by $25,000;
Common Stock increases by $25,000.
The accounting equation can be expanded into:
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