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On August 1, Vaughn Club provided services on account for $930. Vaughn Club received the entire balance on August 31 and recorded the payment by

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On August 1, Vaughn Club provided services on account for $930. Vaughn Club received the entire balance on August 31 and recorded the payment by debiting Cash for $930 and crediting Service Revenue for $930. On the August 31 financial statements assets and revenues will be understated. assets and revenue will be overstated assets and liabilities will be understated. assets and liabilities will be overstated

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