Customer payment of an account receivable

Reference no: EM131007479

Consider the current asset accounts (Cash, Accounts Receivable, and Inventory) individually and as a group. What impact will the following transactions have on each account and current assets in total (Increase, Decrease, No Change)?

a. The purchase of a fixed asset for cash

b. The purchase of a fixed asset on credit

c. The purchase of inventory for cash

d. The purchase of inventory on credit

e. Customer payment of an account receivable

f. Writing off a customer's bad debt (assume the allowance process is in place)

g. The sale of a fixed asset for cash

h. The sale of inventory (at a profit) for cash

i. The sale of inventory (at a loss) for cash

j. The sale of inventory (at a profit) on credit

Reference no: EM131007479

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