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MC Qu.2-24(Static) Stanley Company earns... Stanley Company earns $8,000 of revenue on account...

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Accounting

MC Qu.2-24(Static) Stanley Company earns...
Stanley Company earns $8,000 of revenue on account in Year 1. Cash collections of receivables amount to $4,500 in Year 1 with the remainder being collected in Year 2. Which of the following shows how the recognition of revenue in Year 1 will affect the company's accounting equation?
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