A $10 000 Receipt Was Received from an Accounts Receivable;as

question 49

Multiple Choice

A $10 000 receipt was received from an accounts receivable;as a result:

• A) an asset decreased and an expense decreased.
• B) an asset decreased and another asset increased.
• C) an asset decreased and an expense increased.
• D) a liability decreased and an expense increased.

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Definitions:

Equal Payments

Regular payments of the same amount made over a period of time.

Compounded Annually

The process of calculating interest on both the initial principal and the accumulated interest from previous periods once a year.

Interest

The fee or rent that lenders charge for the use of their money.

Third Payment

The third installment of a payment series as agreed upon in a financial transaction or repayment plan.