Sunfish & Company collected $8,000 from an outstanding account receivable. What would be the effect of...
Sunfish & Company collected $8,000 from an outstanding
account receivable.
What would be the effect of this transaction on the accounting
equation?
Select one:
A.
|
Assets |
Liabilities |
Shareholders' Equity |
|
No Effect |
No Effect |
No Effect |
B.
|
Assets |
Liabilities |
Shareholders' Equity |
|
Increase $8,000 |
No Effect |
Increase $8,000 |
C.
|
Assets |
Liabilities |
Shareholders' Equity |
|
Decrease $8,000 |
Decrease $8,000 |
No Effect |
D.
|
Assets |
Liabilities |
Shareholders' Equity |
|
Increase $8,000 |
Decrease $8,000 |
No Effect |
Homework Answers
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Sunfish & Company collected $8,000 from an outstanding
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receivable. What effect does this transaction have on the company's
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Increase
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Increase
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Shareholders’ Equity) (If no entry is required select
No Entry for the account. For the effect, select "+" for Increase,
"-" for Decrease and "NE" for No effect):
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receivable. What effect does this transaction have on the company's
total assets and total shareholders' equity?
No
effect
Increase
No
effect
No effect
Increase
Increase
For each of the following transactions, select the account and
its effect on the basic accounting equation (Assets = Liabilities +
Shareholders’ Equity) (If no entry is required select
No Entry for the account. For the effect, select "+" for Increase,
"-" for Decrease and "NE" for No effect):
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