The sale of an asset on account 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 for what it cost, the cash or accounts receivable increases by the same amount that the asset account decreases, leaving total assets unchanged.

The Sale of an Asset on Account for What It