Exchange Company Collected $14,000 from One of Its Customers,the Amount

question 69

Multiple Choice

Exchange Company collected $14,000 from one of its customers,the amount owed from the previous month.How does this affect the accounting equation for Exchange?

• A)assets increase by $14,000;liabilities decrease by $14,000
• B)assets increase by $14,000;assets decrease by $14,000
• C)assets increase by $14,000;liabilities increase by $14,000
• D)assets increase by $14,000;equity increases by $14,000

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Definitions:

Incompetents

Individuals who are legally declared unable to manage their own affairs due to mental incapacity, age, or other reasons, requiring a guardian or conservator.

Intoxicated Persons

Intoxicated persons are those under the influence of alcohol or drugs to a degree that impairs their ability and judgement, impacting their legal capacity in certain contexts.

Intoxicated

Being intoxicated refers to a state of impairment due to the consumption of alcohol or drugs, affecting a person's mental faculties and physical coordination.

Unable

Lacking the skill, means, or opportunity to do something.