Harry gets $1000 in currency from his grandfather when he graduates from college. He deposits these funds into his checking account. Considering Harry's personal balance sheet:
A. His assets increased by $1000 when he deposited the $1000 into his checking account.
B. His assets increased when he received the $1000 in currency from his grandfather.
C. His assets and liabilities increased by $1000 when he deposited the funds into his checking account.
D. None of the above.
Answer:B
Harry gets $1000 in currency from his grandfather when he graduates from college. He deposits these funds into his checking account. Considering Harry's personal balance sheet:
A. His assets increased by $1000 when he deposited the $1000 into his checking account. B. His assets increased when he received the $1000 in currency from his grandfather. C. His assets and liabilities increased by $1000 when he deposited the funds into his checking account. D. None of the above.