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On 28 December 2020, a service provider received a cheque of 1,000 from a client being advance payment for work to be performed in January

On 28 December 2020, a service provider received a cheque of 1,000 from a client being advance payment for work to be performed in January 2021.

(a) Explain the effect of the transaction on the accounting equation upon receiving the advance payment. (2 marks)

(b) Prepare the journal entry to record the transaction on 28 December 2020. Omit the narrative.

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