A Business Received $3,000 from a Customer in Payment of an Amount

question 74

Multiple Choice

A business received $3,000 from a customer in payment of an amount owed.The effect of the transaction on the accounting equation was to:

• A)increase one asset,decrease another asset.
• B)increase an asset,increase a liability.
• C)decrease an asset,decrease a liability.
• D)increase an asset,increase owner's equity.

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Definitions:

Transformation

A general term for changing one chemical species into another through a chemical reaction.

Organic Product

A substance derived from living matter or composed of organic compounds.

Organic Product

A term used to describe substances that have been manufactured or processed without the use of synthetic chemicals, often certified by regulatory bodies.

Hydrazone Derivative

A compound resulting from the reaction of a hydrazine with a carbonyl group, typically in aldehydes or ketones, forming a double N=N bond.