A business received $3,000 from a customer in payment of an amount owed.The effect of the transaction on the accounting equation was to:
A)increase one asset,decrease another asset.
B)increase an asset,increase a liability.
C)decrease an asset,decrease a liability.
D)increase an asset,increase owner's equity.

Question

Quizplus · Accepted Answer

The transaction increases one asset (cash) and decreases another asset (accounts receivable) as the payment is received for an amount owed.

A Business Received $3,000 from a Customer in Payment of an Amount