question atkins company collected 1 750 as payment for the amount owedby a customer 4305422

question atkins company collected 1 750 as payment for the amount owedby a customer 4305422

Question

Atkins Company collected $1,750 as payment for the amount owedby a customer from services provided the prior month on credit. Howdoes this transaction affect the accounting equation forAtkins?

Assets would decrease $1,750 and liabilities would decrease$1,750.

One asset would increase $1,750 and a different asset woulddecrease $1,750, causing no effect.

Assets would increase $1,750 and equity would increase$1,750.

Assets would increase $1,750 and liabilities would increase$1,750.

Liabilities would decrease $1,750 and equity would increase$1,750.

 

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