Reference no: EM133012526

Problem 1: When invoices are sent to customers billing them for services that have been performed, the correct transaction analysis is:

Select one:

a. Decrease Accounts Payable and increase Service Fees Earned

b. Increase Accounts Receivable and increase Service Fees Earned

c. Increase Accounts Receivable and increase Accounts Payable

d. Decrease Service Fees Earned and decrease Accounts Receivable

e. Increase Cash and increase Service Fees Earned

On December 31, 2018, the balance sheet of Roberts Realty reported total assets of $200,000. The following transactions occurred during the month of January 2019:

The business purchased land for $250,000, paying $100,000 cash and issuing a note payable for the balance.

The business collected accounts receivable totaling $45,000.

The business sold land (which had cost $50,000) for $60,000 cash.

The business paid off $50,000 of Notes Payable.

Problem 2: What is the amount of the company's total assets on January 31, 2019?

Select one:

a. $455,000

b. $460,000

c. $365,000

d. $310,000