Which of the following items has no effect on owner's equity?
A)Receipt of cash owed to the business (accounts receivable)
B)Sale of a service
C)Payment of an expense
D)Withdrawal by the owner

Question

Quizplus · Accepted Answer

Receipt of cash owed to the business (accounts receivable) simply converts one asset (accounts receivable) into another (cash) without affecting owner's equity.

Which of the Following Items Has No Effect on Owner's