Collection of an $800 accounts receivable
A) increases an asset $800; decreases a liability $800.
B) decreases a liability $800; increases shareholders' equity $800.
C) decreases an asset $800; decreases a liability $800.
D) has no effect on total assets.
Correct Answer:
Verified
Q49: Recording revenue
A) increases assets and liabilities.
B) increases
Q50: Debit and credit can be interpreted to
Q51: An expense
A) decreases assets and liabilities.
B) decreases
Q52: If an individual asset is increased, then
A)
Q53: The payment of a liability
A) decreases assets
Q55: A paid income tax instalment
A) increases assets
Q56: Accounting systems should record
A) all economic events.
B)
Q57: If total liabilities increased by $22,500, then
A)
Q58: The purchase of an asset on credit
A)
Q59: If services are performed on credit, then
A)
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents