Hi, please help: Received $4,000 in payments from clients for services billed in a previous...
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Accounting
Hi, please help:
Received $4,000 in payments from clients for services billed in a previous month. What affect does this transaction have on the accounts under the accrual basis of accounting?
Select one:
Total assets increase by $4,000
Assets will increase by $4,000 and revenues will increase $4,000
Total assets will be decrease by $4,000
The net effect on assets is zero.
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