Cool Taste Company recorded $5,000 in sales on account for the week. What effect does this transaction have on the accounting equation? a. $5,000 increase in assets and $5,000 decrease in owner's equity b. $5,000 increase in assets and $5,000 increase in owner's equity c. $5,000 increase in assets and $5,000 increase in liabilities d. no effect on the accounting equation
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