The following entry was recorded in the books of Brighty Company.Nov. 3 Customer Refund Payable
120
Accounts Receivable-Tillet Inc.120
Granted customer an allowance.
What is the impact of this entry on the accounting equation?
A) an increase in Assets and an increase in Equity
B) an increase in Assets and an increase in Liabilities
C) a decrease in Assets and a decrease in Liabilities
D) a decrease in Assets and a decrease in Equity
Correct Answer:
Verified
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