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The business receives cash from a customer that is owed to the company on account, based on services rendered to the customer previously. How does
The business receives cash from a customer that is owed to the company "on account," based on services rendered to the customer previously. How does the collection of the cash affect the accounting equation? Your answer: O Assets increase; owner's equity increases O Assets increase; liabilities increase O One asset increases; one asset decreases O Assets decrease; owner's equity decreases
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