The sale of an asset on credit for what it cost
A) increases assets and liabilities.
B) decreases assets and liabilities.
C) leaves total assets unchanged.
D) decreases assets and increases liabilities.

Question

Quizplus · Accepted Answer

When an asset is sold on credit for its cost, the asset account decreases while accounts receivable increases by the same amount, leaving total assets unchanged.

The Sale of an Asset on Credit for What It