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Sunfish & Company collected $8,000 from an outstanding account receivable. What would be the effect...

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Question

Accounting

Sunfish & Company collected $8,000 from an outstanding account receivable. What would be the effect of this transaction on the accounting equation?

Select one:

A.

Assets

Liabilities

Shareholders' Equity

No Effect

No Effect

No Effect

B.

Assets

Liabilities

Shareholders' Equity

Increase $8,000

No Effect

Increase $8,000

C.

Assets

Liabilities

Shareholders' Equity

Decrease $8,000

Decrease $8,000

No Effect

D.

Assets

Liabilities

Shareholders' Equity

Increase $8,000

Decrease $8,000

No Effect

Answer & Explanation Solved by verified expert
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