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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

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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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