Mulberry Company Collected $7,000 from One of Its Customers,the Amount

question 19

Multiple Choice

Mulberry Company collected $7,000 from one of its customers,the amount owed from the previous month.How does this affect the accounting equation for Mulberry?

• A) assets increase by $7,000; liabilities decrease by $7,000
• B) assets increase by $7,000; assets decrease by $7,000
• C) assets increase by $7,000; liabilities increase by $7,000
• D) assets increase by $7,000; equity increases by $7,000

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