Accord Corporation collected $5,000 from its customer,who owed it since the previous month.How does this affect the accounting equation of the business?
A) assets increase by $5,000; liabilities decrease by $5,000
B) assets increase by $5,000; assets decrease by $5,000
C) assets increase by $5,000; liabilities increase by $5,000
D) assets increase by $5,000; equity increases by $5,000
Correct Answer:
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