Exchange Corporation collected $8,000 from one of its custom
Exchange Corporation collected $8,000 from one of its customers, the amount owed from the previous month. How does this affect the accounting equation for Exchange?
A) assets increase by $8,000; liabilities decrease by $8,000
B) assets increase by $8,000; assets decrease by $8,000
C) assets increase by $8,000; liabilities increase by $8,000
D) assets increase by $8,000; equity increases by $8,000
ANSWER
B
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