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During March, Perpetual Envy Incorporated provides $20,000 in consulting services for a customer. The customer paid $10,000; the other $10,000 was on account. Which of
During March, Perpetual Envy Incorporated provides $20,000 in consulting services for a customer. The customer paid $10,000; the other $10,000 was on account. Which of the following statements about these transactions is correct? Question 13 options: Accounts Receivable increases by $10,000, Liabilities decrease by $10,000, and Stockholders' Equity increases by $20,000. Cash increases by $10,000, Accounts Receivable increases by $10,000, and Consulting Revenue increases by $20,000. Revenues increase by $10,000, liabilities decrease by $10,000, and stockholders' equity is unchanged. Cash increases by $10,000, Consulting Revenue increases by $10,000, and Accounts Receivable increases by $20,000
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