Rahim received 40 when he carried out his first car wash job. The effect of this transaction

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Rahim received £40 when he carried out his first car wash job. The effect of this transaction on the accounting equation is:

(a) Liabilities and assets are both increased by £40

(b) Liabilities and assets are both decreased by £40

(d) The owner’ equity and the assets are both decreased by £40

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Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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Question Posted: Aug 26, 2023 06:44 AM

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Rahim received 40 when he carried out his first car wash job. The effect of this transaction

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c The owner...View the full answer

Financial Accounting An Introduction

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