Match Each Transaction with Its Effect on the Accounting Equation

question 170

Multiple Choice

Match each transaction with its effect on the accounting equation. Each letter may be used more than once.
-Received payment from a customer on account

• A)Increase assets, increase liabilities
• B)Increase liabilities, decrease owner's equity
• C)Increase assets, increase owner's equity
• D)No effect
• E)Decrease assets, decrease liabilities
• F)Decrease assets, decrease owner's equity

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Definitions:

Joseph McCarthy

A U.S. senator known for his anti-communist sentiments and the subsequent fear and political repression he inspired during the early 1950s, a period often referred to as McCarthyism.

Dixiecrats

A political party in the United States, formally known as the States' Rights Democratic Party, which split from the Democratic Party in 1948 in opposition to its policy of extending civil rights.

Civil Rights

Rights guaranteed to individuals by law, including freedom of speech, assembly, and equality before the law, aimed at preventing discrimination.

Poll Tax

A tax levied as a fixed sum on every liable individual, historically used as a means of voter suppression by requiring payment as a precondition for voting.