Collection of a $600 Accounts Receivable

question 33

Multiple Choice

Collection of a $600 accounts receivable

• A) increases an asset $600; decreases a liability $600.
• B) decreases a liability $600; increases shareholders' equity $600.
• C) decreases an asset $600; decreases a liability $600.
• D) has no effect on total assets.

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Definitions:

Mg

The chemical symbol for magnesium, a shiny gray solid that has the atomic number 12 and is an essential element for living cells.

Arsenic

A toxic metalloid with the symbol As, known for its various allotropes and compounds, many of which are potent poisons.

Poison

Any substance that, when introduced into or absorbed by a living organism, causes death or harm by its chemical action.

Ground Water

Water that is held underground in the soil or in pores and crevices in rock.