A business provider services to a customer on credit.Which of the following is correct: A.Assets increase and liabilities decrease at the time the cash is collected B.Assets increase and liabilities increase at the time of the sale C.Assets increase and the owner's equity increases at the time the cash is collected D.Assets increase and the owner's equity increases at the time of the sale
A business provider services to a customer on credit.Which of the following is correct: A.Assets increase and liabilities decrease at the time the cash is collected B.Assets increase and liabilities increase at the time of the sale C.Assets increase and the owner's equity increases at the time the cash is collected D.Assets increase and the owner's equity increases at the time of the sale
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...
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A business provider services to a customer on credit.Which of the following is correct:
A.Assets increase and liabilities decrease at the time the cash is collected
B.Assets increase and liabilities increase at the time of the sale
C.Assets increase and the owner's equity increases at the time the cash is collected
D.Assets increase and the owner's equity increases at the time of the sale
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