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A company receives $5,000 from customers for contracts billed last month. The basic analysis of this transaction on the accounting records is: Select one:
A company receives $5,000 from customers for contracts billed last month. The basic analysis of this transaction on the accounting records is: Select one: a. the asset Cash is increased by $5,000 and the asset account Accounts Receivable is decreased by $5,000. b. the asset account Accounts Receivable is increased $5,000 and the asset account Cash is decreased $5,000. c. the asset account Cash is increased $5,000 and the revenue account Service Revenue is increased by $5,000. d. the revenue account Service Revenue is decreased by $5,000 and the asset account cash is decreased $5,000.
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