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Explain how the following general journal entry affects the accounting equation. Accounts receivable 500 Service revenue 500 Liabilities increase and equity decreases. Assets increase and
Explain how the following general journal entry affects the accounting equation.
| Accounts receivable | 500 | |
| Service revenue | 500 |
Liabilities increase and equity decreases.Assets increase and equity decreases.Both liabilities and assets increase.Both assets and equity increase.
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College Accounting Chapters 1-12
Authors: Douglas McQuaig
10th Edition
1439038783, 978-1439038789
