During the year, X Company sold merchandise on account to customers for $400,000. The company collected $399,000 in cash from customers during the year. Which of these amounts appears on the Income Statement and which appears on the Statement of Cash Flows? $399,000 appears on the Income Statement and $400,000 appears on the Statement of Cash Flows $1,000 appears on the Income Statement and $399,000 appears on the Statement of Cash Flows $399,000 appears on both statements $400,000 appears on both statements $1,000 appears on both statements $400,000 appears on the Income Statement and $399,000 appears on the Statement of Cash Flows Submit Answer Tries 0/99 On January 1, a customer paid X Company $23,400 in advance for cleaning services. The cleaning was going to be done once in January, once in February, and once in March. What will be the result of X Company's adjusting entry on January 31? O a $7,800 decrease in Retained Earnings on the Balance Sheet a $7,800 decrease in Cash on the Balance Sheet a balance of $7,800 in Deferred Revenue on the Balance Sheet a $7,800 increase in Cash on the Balance Sheet a $7,800 increase in Deferred Revenue on the Balance Sheet revenue of $7,800 reported on the Income Statement Submit Answer Tries 0/99