Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items
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Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) computer equipment worth $80,000, and (3) to assume responsibility for a $28,000 note payable related to the computer equipment. The entry Groro makes to record this transaction includes which one or more of the following?
a. $28,000 increase in a liability account
d. $62,000 increase in an asset account
b. $10,000 increase in the Cash account
e. $62,000 increase in a revenue account
c. $10,000 increase in a revenue account
f. $62,000 increase in an equity account
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Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9780077716660
21st Edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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