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A business receives money in advance before performing a service. What is the correct journal entry? debits Deferred Revenue and credits Accounts Payable. debits Cash

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A business receives money in advance before performing a service. What is the correct journal entry? debits Deferred Revenue and credits Accounts Payable. debits Cash and credits Accounts Receivable. debits Cash and credits a Prepaid account. debits Cash and credits Deferred Revenue

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