Customers Paid $8,000 on Their Accounts

question 67

Multiple Choice

Customers paid $8,000 on their accounts. Which accounts are affected by this transaction?

• A) Revenue and Retained Earnings increase $8,000.
• B) Cash and Revenue increase $8,000. Liabilities and Expense increase $8,000.
• C) Cash increases $8,000 and Accounts Receivable decreases $8,000. Revenue and Retained Earnings are unchanged.
• D) Cash and Retained Earnings increase $8,000.

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Definitions:

Rival

An individual or group competing against another with the aim to achieve a specific goal or outperform in a particular area.

Phallic

Pertaining to the third stage of Freud's psychosexual development, occurring roughly between the ages of three and six years, where the libido's focus is on the genital area.

Life Crises

Significant life events or transitions that cause stress or require substantial adjustment in one's life, often leading to personal growth or change.

Chronological Age

The age of an individual measured in years from the date of birth.