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Mayfly Company collected $ 4 2 , 0 0 0 cash on its accounts receivable. The effects of this transaction as reflected in the accounting
Mayfly Company collected $ cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are:
Multiple Choice
Both total assets and total liabilities decrease.
Total assets increase and equity decreases.
Both total assets and equity are unchanged and liabilities increase.
Total assets, total liabilities, and total equity are unchanged.
Total assets decrease and equity increases.
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