Question
Potato Inc. provided consulting services to a customer on account for $500 on March 3. On April 16, Potato collected the cash from that
Potato Inc. provided consulting services to a customer on account for $500 on March 3. On April 16, Potato collected the cash from that customer. What is the impact on Potato's accounting equation from the collection of cash? A. No net effect to the accounting equation. B. Decrease assets and increase liabilities. C. Increase assets and increase liabilities. D. Decrease assets and decrease liabilities.
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Understanding Financial Accounting
Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald
1st Canadian Edition
1118849388, 9781119048572, 978-1118849385
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