The business collects a $5 000 account receivable from its customer. How is the accounting equation affected?
A) One asset increases by $5 000; another asset decreases $5 000.
B) Assets increase $5 000; liabilities decrease $5 000.
C) Assets increase $5 000; liabilities increase $5 000.
D) Assets increase $5 000; owners' equity increases $5 000.
Correct Answer:
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