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For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the double-entry accounting system: Transaction: Hayes Company received
For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the double-entry accounting system: Transaction: Hayes Company received $5,500 for services performed. Which two accounts are affected? Accounts Receivable Cash What kind of accounts are they? Asset Asset Do the account balances increase or decrease? Increase Decrease Increase Decrease Do we debit or credit the accounts? Debit Credit Debit Credit 5
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