Question
Flintstone Corp. collected cash from a customer during November for a service that it provided during December. How will the business activity of the month
Flintstone Corp. collected cash from a customer during November for a service that it provided during December. How will the business activity of the month of December affect the basic accounting equation?
Multiple Choice
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Assets will increase, liabilities will increase, and stockholders' equity will not change.
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Assets will not change, liabilities will decrease, and stockholders' equity will increase.
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Assets will increase, liabilities will not change, and stockholders' equity will increase.
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Assets will decrease, liabilities will not change, and stockholders' equity will increase.
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