Receiving payments on an account receivable increases both equity and assets.
Correct Answer:
Verified
Q21: If net income for a proprietorship was
Q22: The unit of measurement concept requires that
Q23: If total assets increased by $190,000 during
Q24: Receiving a bill or otherwise being notified
Q25: An account receivable is a claim against
Q27: If the liabilities owed by a business
Q28: No significant differences exist between the accounting
Q29: Generally accepted accounting principles regulate how and
Q30: The financial statements of a proprietorship should
Q31: If total assets decreased by $30,000 during
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