A $10 000 receipt was received from an accounts receivable;as a result:
A) an asset decreased and an expense decreased.
B) an asset decreased and another asset increased.
C) an asset decreased and an expense increased.
D) a liability decreased and an expense increased.

Question

Quizplus · Accepted Answer

Receiving a $10,000 payment for an accounts receivable results in a decrease in accounts receivable (an asset) and an increase in cash or bank balance (another asset), thus one asset decreases while another asset increases.

A $10 000 Receipt Was Received from an Accounts Receivable;as