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On 28 February Harold's Speedy Dry Cleaning Received $100 for Dry

Question 54

Multiple Choice

On 28 February Harold's Speedy Dry Cleaning received $100 for dry cleaning services provided on the same day. The effect on the accounting equation is:


A) Assets increase by $100; Equity increases by $100.
B) Assets increase by $100; Assets decrease by $100.
C) Assets increase by $100; Liabilities decrease by $100.
D) Assets decrease by $100; Equity decreases by $100.

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