16. Viscount Company collected $34,000 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 17. A debit is: A. An increase in an account B. The right-hand side of a T-account C. A decrease in an account D. The left-hand side of a T-account E. An increase to a liability account 18. A simple account form widely used in accounting to illustrate how debits and credits work is called a: A. Dividend account B. Common stock account C. Drawing account D. T-account E. Balance column sheet 19. Rocky Industries received its telephone bill in the amount of $150 and immediately paid it. Rocky's general journal entry to record this transaction will include a A. Debit to Telephone Expense for $150 B. Credit to Accounts Payable for S150 C. Debit to Cash $150