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Question
Atkins Company collected $1,750 as payment for the amount owed by a customer from services provided the prior month on credit. How does this transaction affect the accounting equation for Atkins?A.Assets would decrease $1,750 and liabilities would decrease $1,750.
B.One asset would increase $1,750 and a different asset would decrease $1,750, causing no effect.
C.Assets would increase $1,750 and equity would increase $1,750.
D.Assets would increase $1,750 and liabilities would increase $1,750.
E.Liabilities would decrease $1,750 and equity would increase $1,750.
Answer
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