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Part I Journalize each transaction Billed Customers $10,000 for services performed Collected $2000 from customers for services to be performed next month Part II. What

Part I Journalize each transaction

  • Billed Customers $10,000 for services performed

  • Collected $2000 from customers for services to be performed next month

Part II. What is prepaid expense? Is it an asset, a liability or a stockholder equity account? Why?

Part III. What is unearned service revenue? Is it an asset, a liability or a stockholder equity account? Why?

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