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