Assume that Boardmaster sold skateboards to a department store for \($35,000\) cash. How would this transaction affect Boardmaster’s accounting equation?

a. Increase both assets and stockholders’ equity by \($35,000

b.\) Increase both assets and liabilities by \($35,000\) C. Increase both liabilities and stockholders’ equity by \($35,000

d.\) It will not effect the accounting equation because the effects cancel out.