Muin Corporation paid $500 on account. The effect of this transaction on Muin’s accounting equation is to: A. decrease liabilities and increase shareholders’ equity. B. decrease assets and decrease liabilities. C. has no effect on total assets. D. decrease assets and decrease shareholders’ equity.

Muin Corporation paid $500 on account. The effect of this transaction on Muin’s accounting equation is to: A. decrease liabilities and increase shareholders’ equity. B. decrease assets and decrease liabilities. C. has no effect on total assets. D. decrease assets and decrease shareholders’ equity.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...

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