Montgomery equipment rental company received $1,000 cash from a customer; the amount was owed to the business from the previous month. what is the effect of this transaction on the accounting equation?

The correct answer is that this payment will have no effect on the accounting equation.

The accounting equation is Assets=Liabilities + Owner’s Equity. The journal entry for this transaction will be a debit to Cash and a credit to Accounts Receivable for $1,000. Since both of these accounts are Assets there will be no change to the asset balance.

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