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Dr. Davidson's medical practice uses accrual accounting and issues monthly financial statements. On October 15, 2020, the medical practice bills patients for services provided during
Dr. Davidson's medical practice uses accrual accounting and issues monthly financial statements. On October 15, 2020, the medical practice bills patients for services provided during October 2020. Patients pay their bills on October 18, 2020. What entry will the medical practice prepare on October 18, 2020?
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Increase Cash and decrease Accounts Receivable
Increase Cash and decrease Revenue
Decrease Unearned Revenue and increase Revenue
Increase Accounts Receivable and increase Revenue
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