The business collects an OR5,000 account receivable from its customer. How is the accounting equation affected? Select one: O a. Assets increase OR 5,000; owner's equity increases OR 5,000. O b. Assets increase OR 5,000; liabilities decrease OR 5,000. c. Assets increase OR5,000; liabilities increase OR 5,000. O d. One asset increases by OR5,000; another asset decreases OR $5,000

Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.4E: The Accounting Equation Ginger Enterprises began the year with total assets of $500,000 and total...
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The business collects an OR5,000 account receivable from its customer. How is the accounting equation affected? Select one:

O a. Assets increase OR 5,000; owner's equity increases OR 5,000.

O b. Assets increase OR 5,000; liabilities decrease OR 5,000.

c. Assets increase OR5,000; liabilities increase OR 5,000.

O d. One asset increases by OR5,000; another asset decreases OR $5,000.

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