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Ace Enterprises received a bill from Acme Service Company for $14,500. They paid $5,000 on receipt of the bill and agreed to pay the remainder
Ace Enterprises received a bill from Acme Service Company for $14,500. They paid $5,000 on receipt of the bill and agreed to pay the remainder by the end of the month. This transaction has no effect on the basic accounting equation. increases assets and liabilities. increases liabilities; decreases assets and stockholders' equity. decreases assets, liabilities and stockholder's equity
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