Answer (Choose 1 answer)
A. Both total assets and total liabilities decrease.
Viscount Company collected $42,000 cash on its account receivable. The effects of this transaction as reflected in the accounting equation are:
B. Total assets decrease and equity increases.
C. Total assets increase and equity decreases.
D. Both total assets and equity are unchanged and liabilities increase.
E. Total assets, total liabilities, and equity are unchanged.
Exit 23
