Blasio Company collects a deposit from a customer when a custom piece of machinery is ordered. Blasio uses a periodic inventory system. The entry to record collection of the deposit increases assets and increases equity. has no effect on assets, liabilities, or equity. increases assets and increases liabilities. increases liabilities and decreases equity..

1. Blasio Company collects a deposit from a customer when a custom piece of machinery is
ordered. Blasio uses a periodic inventory system. The entry to record collection of the deposit
increases assets and increases equity. has no effect on assets, liabilities, or equity. increases
assets and increases liabilities. increases liabilities and decreases equity.