QUESTION 4 A Debit would A. increase assets and decrease liabilities B. decrease both assets and liabilities OC. increase both assets and liabilities D. decrease assets and increase liabilities. QUESTIONS Al-Ahmad Corporation received a cash advance of $500 from a customer. As a result of this event A. Increase in equity by $500. OB. Both assets and equity increased by $500 OC. Assets will be debited by $500 O D. Liabilities will be debited by $500