On January 1,Brad Inc

question 5

Multiple Choice

On January 1,Brad Inc.sold $30,000 in products to a customer on account.Then on January 10,Brad collected the cash on that account.What is the impact on Brad's accounting equation from the collection of cash on January 10?

• A)No net effect to the accounting equation.
• B)Assets increase and liabilities decrease.
• C)Assets decrease and liabilities decrease.
• D)Assets increase and stockholders' equity increases.

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Definitions:

Inches

A unit of length in the imperial and United States customary systems, equivalent to 1/12 of a foot or 25.4 millimeters.

Contemporary Perspective

Present-day viewpoints or methods of understanding in a particular field, often considering the latest research and developments.

Daily Basis

The frequency of something happening or being performed every day.

Progress Toward Adulthood

The process of developing attributes, skills, and experiences that mark the transition from childhood into adult roles and responsibilities.