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15 November, 09:20

Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting equation changes include which of the following?

a. Cash and capital increase of $12,000

b. Cash and revenue increase of $12,000

c. Cash increase and accounts receivable decrease of $12,000

d. Accounts receivable decrease and capital increase of $12,000

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Answers (1)
  1. 15 November, 09:47
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    The expanded accounting equation would include the following.

    C.) Cash Increase and Accounts Receivable decrease of 12,000.

    Initial journal entry would be:

    debit: Accounts Receivable 12,000

    Credit: Sales 12,000

    Collection of 12,000

    debit: Cash 12,000

    Credit: Accounts Receivable 12,000
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Home » Business » Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting equation changes include which of the following? a. Cash and capital increase of $12,000 b. Cash and revenue increase of $12,000 c.
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