Multiple Choice
If a business receives $5,000 on account from clients who owed money for services previously billed,identify the effect on the accounting equation
A) assets decrease and liabilities increase.
B) liabilities decrease and owner's equity decreases.
C) assets remain the same and owner's equity remains the same.
D) owner's equity increases and revenue increases.
Correct Answer:
Verified
Correct Answer:
Verified
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