Washburn Motors signs a contract to sell a $100,000 luxury sedan to be delivered next month, and receives a $20,000 cash down payment from the buyer. How will the transaction most likely affect Washburn assets and liabilities?
Assets Liabilities
A)Unchanged Unchanged
B)Increase Increase
C)Increase Unchanged
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答案 B
The down payment will increase cash (an asset) and unearned revenue (a liability). Revenues (and thus retained earnings and owner equity) will not increase because the car has not been delivered.
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