This month, a company performed $517,000 of services and incurred total expenses of $438,000. If the company was paid in cash for all its services and paid cash for all its expenses, these transactions would cause:
- revenues to increase $517,000, expenses to increase $438,000, and retained earnings to decrease $79,000.
- cash to increase $517,000, expenses to increase $438,000, and contributed capital to increase $79,000.
- revenues to increase $517,000, expenses to increase $438,000, and cash to increase $79,000.
- revenues to increase $79,000, expenses to increase $438,000, and cash to increase $517,000.