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On November 1, 2020, a customer purchases ticket for a flight on January 15 for $600. The airline records the receipt as revenue. The airline
On November 1, 2020, a customer purchases ticket for a flight on January 15 for $600. The airline records the receipt as revenue. The airline notices the error and performs an adjusting entry at December 31. What effect does the adjusting entry have on the accounting equation? Increase liabilities Decrease Liabilities Increase Stockholders' Equity Increase assets Decrease Assets
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