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A company performs a service for a customer with a contract value of $30,000. The customer pays $5,000 with a promise to pay the balance
A company performs a service for a customer with a contract value of $30,000. The customer pays $5,000 with a promise to pay the balance due within 30 days. Which of the following best describes the effects on assets, liabilities and stockholders' equity? Assets Liabilities Equity a. $0 $0 $0 b. $25,000 T $0 $25,000 + C. $30,000 + $0 $25,000 d. $30,000 T $0 $30,000 T O a Ob O c O d
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