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What is the impact on veggie accounting equation

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Question - Veggie, Inc. sold $500 in pumpkins to a customer on account on January 1. On January 11 Veggie, Inc collected the cash from that customer. What is the impact on Veggie's accounting equation from the collection of cash?

1. No net effect to the accounting equation.

2. Decrease assets and increase liabilities.

3. Increase assets and increase liabilities.

4. Decrease assets and decrease liabilities.

Reference no: EM132193203

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