Receiving Cash from a Customer in Payment of an Account

question 146

Multiple Choice

Receiving cash from a customer in payment of an account receivable would:

• A)decrease total assets and increase owner's equity.
• B)increase owner's equity and increase liabilities.
• C)increase total assets and decrease liabilities.
• D)have no effect on total assets or owner's equity.

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Definitions:

Future Delivery

A contractual agreement to buy or sell an asset at a predetermined price at a specified future date, often used in commodities trading.