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On September 1 of Year 1, a law firm collected cash for services to be...

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Accounting

On September 1 of Year 1, a law firm collected cash for services to be provided in Year 2. Based on this information, how will the recognition of earned revenue affect the Year 2 balance sheet?\ \ Multiple choice question.\ \ Assets and liabilities will both increase.\ \ \ Liabilities will decrease and equity will increase.\ \ \ Assets and equity will increase and liabilities will decrease.\ \ \ Assets will increase and liabilities will decrease.

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