If a payment is received from accounts receivable:
A) one asset increases and another asset decreases.
B) an asset increases and a liability increases.
C) an asset decreases and a liability decreases.
D) shareholders' equity increases and an asset decreases.

Question

Quizplus · Accepted Answer

When a payment is received from accounts receivable, cash (an asset) increases, while accounts receivable (another asset) decreases.

If a Payment Is Received from Accounts Receivable