Homework Answers
Collection of Accounts Receivable results on affect on two accounts,
1. Accounts Receivable which is credited and amount is decreased from the account
2. Cash which is debited and an increase in account.
But, both account are part of Assets only, so D. option is automatically eliminated
As both the account are part of assets and one account increases by same amount and other account decrease by same amount. Overall, no effect on Total Assets. Therefore, option C is too eliminated.
Also, there is no affect of decrease in owner's equity. So the correct option is A. have no effect on owner's equity which is true in its own sense and better option than the false statements.
hope you got the answer, please comment for any clarification
Thankyou and all the best for future
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