Miss Nelson, the owner, sends invoices to all clients for services rendered for a total of $9,050. Required:

Miss Nelson, the owner, sends invoices to all clients for services rendered for a total of $9,050.Required:

What is the effect of this transaction on individual asset accounts, individual liability accounts, and the Owner’s Equity account?

Which ones apply?

An asset account increases.

An asset account decreases.

A liability account increases.

A liability account decreases.

• Owner’s Equity increases.
• Owner’s Equity decreases.