During 2013, Bledsoe Company earned $6,700 of cash revenue, paid cash dividends of $950 to owners and paid $5,000 for cash expenses. Liabilities were unchanged. Which of the following accurately describes the effect of these events on the elements of the company's financial statements?
A) Assets increased by $7,700.
B) Assets increased by $750.
C) Equity increased by $2,700.
D) Assets increased by $750 and Equity increased by $2,700.
Correct Answer:
Verified
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