June 1, Perplexing Puzzles Company sold Nichole\'s Bookstore $17,200 of puzzles

Question

June 1, Perplexing Puzzles Company sold Nichole's Bookstore $17,200 of puzzles for During the month, Nichole's Bookstore returned puzzles costing $2,000 to Perplexing Puzzles for a cash refund. In the same month, Nichole's sold the remaining puzzles to their customers for a total of $20,400. As a result of these transactions, at the end of the month, Nichole's accounting equation will show a net: A) Increase of Equity of $5,200 B) Increase of Assets of $20,400 C) Decrease of Assets of $15,200 D) Increase of Equity of $7,200

Explanation / Answer

Increase of equity of $5200(20400-(17200-2000)) Option A is correct

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