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8. Recording Transactions L02, 3,5 Barrett Fisher, a clerk for Naval Supplies, received a payment from a customer and recorded the follow- ing journal entry:

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8. Recording Transactions L02, 3,5 Barrett Fisher, a clerk for Naval Supplies, received a payment from a customer and recorded the follow- ing journal entry: Date Account Title Mar. 1Cash Credit Debit 1,000 Accounts Payable 1,000 Required is this entry correct or not? Explain why it is or is not correct

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