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Question(s) / Instruction(s):

A customer pays $2,000 in advance for a set of golf clubs not yet available. What effect does this payment have on the recipient’s balance sheet?

A.            Increase cash and increase liabilities

B.            Increase cash and increase owner’s equity

C.            Decrease cash and increase owner’s equity

D.            Increase cash and decrease liabilities

E.            None of the above

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