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If a company fails to record service revenues performed on account (i.e., accounts receivable): Revenues on the income statement will be overstated, Assets on the

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If a company fails to record service revenues performed on account (i.e., accounts receivable): Revenues on the income statement will be overstated, Assets on the balance sheet will be understated. Liabilites will be understated, Net income on the income statement will be overstated

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