Determine the changes to each of the accounts

Assignment Help Financial Management

Reference no: EM132040467

Answer the questions below for the following transaction:

Receiving $310,000 payment from the owner for a bill that was previously submitted. (retention is not involved in this transaction).

Note: Use positive numbers for balance increases and negative numbers for balance decreases

Determine the changes to each of the following accounts in the Balance Sheet:

1. 110 Cash:

2. 310 Accounts Receivable-Trade

3. 310 Accounts Receivable-Retention

4. 430 Current Period Net Income

Reference no: EM132040467

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