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Thomas Company received $1,200 on account. The effect of this transaction on Thomas' accounting equation is to: A) Increase assets and increase stockholders' equity. B

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Thomas Company received $1,200 on account. The effect of this transaction on Thomas' accounting equation is to: A) Increase assets and increase stockholders' equity. B have no effect on total assets. increase assets and decrease liabilities. decrease liabilities and increase stockholders' equity

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