Pumpkin Inc

question 128

Multiple Choice

Pumpkin Inc.sold $500 in pumpkins to a customer on account on January 1.On January 11 Pumpkin collected the cash from that customer.What is the impact on Pumpkin's accounting equation from the collection of cash?

• A)No net effect to the accounting equation.
• B)Decrease assets and increase liabilities.
• C)Increase assets and increase liabilities.
• D)Decrease assets and decrease liabilities.

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