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Pumpkin Incorporated sold $500 in pumpkins to a customer on account on January 1. On January 11, Pumpkin collected the cash from that customer. What
Pumpkin Incorporated sold $500 in pumpkins to a customer on account on January 1. On January 11, Pumpkin collected the cash from that customer. What is the impact on Pumpkin's accounting equation from the collection of cash? Multiple Choice Decrease assets and increase liabilities. Increase assets and increase liabilities. Decrease assets and decrease liabilities. No net effect to the accounting equation
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