Rani & Corporation received a cash advance of $500 from a customer. Goods will be delivered...
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Rani & Corporation received a cash advance of $500 from a customer. Goods will be delivered next week. As a result of this transaction a. only assets increased by $500 (Debited). b. only owner's equity increased by $500 (Credited). c. only liabilities decreased by $500 (Debited). d. Both assets and liabilities increased by $500 (Debited and Credited). O a only liabilities decreased by $500 (Debited). O b only assets increased by $500 (Debited). only equity increased by $500 (Credited). PO Both assets and liabilities increased by $500 (Debited and Credited). Rani & Corporation received a cash advance of $500 from a customer. Goods will be delivered next week. As a result of this transaction a. only assets increased by $500 (Debited). b. only owner's equity increased by $500 (Credited). c. only liabilities decreased by $500 (Debited). d. Both assets and liabilities increased by $500 (Debited and Credited). O a only liabilities decreased by $500 (Debited). O b only assets increased by $500 (Debited). only equity increased by $500 (Credited). PO Both assets and liabilities increased by $500 (Debited and Credited).
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d Both assets and liabilities increased by 500 Debited ... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
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