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explain this question as soon as possible During a recent week, McMunn Legal Services received $25,000 cash from clients for services performed with a total
explain this question as soon as possible
During a recent week, McMunn Legal Services received $25,000 cash from clients for services performed with a total value of $75,000. The balance is to be received within 30 days. The effect of this transaction in the accounting records would be O + $75.000 Revenue = + $25,000 Cash + $50,000 Accounts Receivable. 0 + $50,000 Net Income - + $50,000 Assets. 0 $25,000 Revenue * $25,000 Cash. + $75,000 Revenue = + $75,000 Accounts Receivable Step by Step Solution
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