question archive Which of the following is an Asset exchange transaction? a
Which of the following is an Asset exchange transaction? a
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Which of the following is an Asset exchange transaction?
a. Issued common stock
b. Accrued salary expense at the end of the Accounting period
c. Collected cash on accounts receivable
d. Recognized revenue earned on a contract where the cash had been collected at an earlier date
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Answer:
c. Collected cash on accounts receivable
The cash collected on accounts receivable would be stated as an asset exchanging transaction as it would increase one asset i.e. cash and would decrease another asset that is accounts receivable
