Collection of a $600 Accounts Receivable
A)increases an asset $600; decreases an asset $600.
B)increases an asset $600; decreases a liability $600.
C)decreases a liability $600; increases stockholders' equity $600.
D)decreases an asset $600; decreases a liability $600.

Question

Quizplus · Accepted Answer

Collecting accounts receivable increases cash (an asset) by $600 and decreases accounts receivable (another asset) by $600, resulting in no net change in total assets.