A Business Received $10,000 from a Customer in Payment of an Amount

question 50

Multiple Choice

A business received $10,000 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.

---

Definitions:

QuickBooks

An accounting software package developed and marketed by Intuit, designed for small and medium-sized businesses.

Compressed File

A file that has been reduced in size through compression algorithms, facilitating easier storage and transfer.

Data File

A digital file that stores data to be used by a computer application or system.

QuickBooks

Accounting software that provides tools for managing invoices, expenses, employees, and reports for small to medium businesses.