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Viscount Company Collected $42,000 Cash on Its Accounts Receivable

Question 234

Multiple Choice

Viscount Company collected $42,000 cash on its accounts receivable.How does this transaction affect the company's accounting equation?


A) Assets decrease and equity increases
B) Both assets and liabilities decrease
C) Assets,liabilities,and equity are unchanged
D) Both assets and equity are unchanged and liabilities increase
E) Assets increase and equity decreases

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