During 2019, Ocean Consulting had the following transactions with it clients (customers):On February 1, 2019, the company received cash of $10,000 from clients in payment of their account balances as of December 31, 2018. On November 1, 2019, the company received $4,000 cash as payments in advance for services to be performed in 2020. The company received a total of $26,000 in cash for services that were performed during 2019. The company sent bills totaling $8,000 to clients for services performed during 2019; this amount was unpaid as December 31, 2019. As a result of these transactions during 2019, the firm's stockholders' equity will:
A. increase by $40,000.
B. increase by $34,000.
C. decrease by $10,000.
D. decrease by $4,000.
Answer: B
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