Atkins Company Collected $1,750 as Payment for the Amount Owed

question 212

Multiple Choice

Atkins Company collected $1,750 as payment for the amount owed by a customer from services provided the prior month on credit.How does this transaction affect the accounting equation for Atkins?

• A)Assets would decrease $1,750 and liabilities would decrease $1,750.
• B)One asset would increase $1,750 and a different asset would decrease $1,750,causing no effect.
• C)Assets would increase $1,750 and equity would increase $1,750.
• D)Assets would increase $1,750 and liabilities would increase $1,750.
• E)Liabilities would decrease $1,750 and equity would increase $1,750.

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Definitions:

Variable Interval

A schedule of reinforcement where a response is rewarded after an unpredictable amount of time has passed, leading to a steady rate of response.

Fixed Ratio

In operant conditioning, a schedule of reinforcement where a response is reinforced only after a specified number of responses.

Latent Learning

Latent learning is the subconscious retention of information without reinforcement or immediate application, which becomes evident when a specific situation triggers it.

Operant Conditioning

A method of learning that employs rewards and punishments for behavior, which in turn affects the likelihood of that behavior being repeated.