Contessa Company Collected $42,000 Cash on Its Accounts Receivable

question 110

Multiple Choice

Contessa Company collected $42,000 cash on its accounts receivable.The effects of this transaction as reflected in the accounting equation are:

• A)Total assets decrease and equity increases.
• B)Both total assets and total liabilities decrease.
• C)Neither assets,total liabilities,nor equity are changed.
• D)Both total assets and equity are unchanged and liabilities increase.
• E)Total assets increase and equity decreases.

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Definitions:

DNA

Deoxyribonucleic acid, a molecule that contains the genetic instructions for the development, functioning, growth, and reproduction of all known living organisms and many viruses.

Heterozygous

Referring to an organism that has two different alleles for a specific gene, one inherited from each parent.

Dominant Allele

An allele that expresses its phenotypic effect even when heterozygous with a recessive allele.