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Cash affect the accounting equation

Problem: Cash is collected from a customer who was previously put on account. How does the collection of the cash affect the accounting equation?__A, B, C, or D__

A) assets increase; owner's equity increases
B) assets increase; liabilities increase
C) assets increase; assets decrease
D) assets decrease; owner's equity decreases

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Solution Preview :

Prepared by a verified Expert

Accounting Basics: Cash affect the accounting equation

Reference No:- TGS01737931

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Book value of klingon assets today

Q : Construction accounting

Q : Cntracted long-term construction project

Q : Method of determining the commission rate

Q : Cash affect the accounting equation

Q : Investing personal funds to start own law practice

Q : Attribute sampling and variable sampling

Q : Calculate the cash flow after tax using cfat

Q : Product mix and promotion strategy for sales campaign

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Solution Preview :

Prepared by a verified Expert

Accounting Basics: Cash affect the accounting equation

Reference No:- TGS01737931

Recent Questions Asked Accounting Basics

Q : Book value of klingon assets today

Q : Construction accounting

Q : Cntracted long-term construction project

Q : Method of determining the commission rate

Q : Cash affect the accounting equation

Q : Investing personal funds to start own law practice

Q : Attribute sampling and variable sampling

Q : Calculate the cash flow after tax using cfat

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