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Given the following transaction: Billed clients on credit for services rendered to date. Required: For the transaction above, complete the following: (a) Select the accounts
Given the following transaction: Billed clients on credit for services rendered to date. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) If Retained Earnings is selected, choose the reason that it has changed. Account Which account is affected? Is the account increased or decreased? Why has Retained Earnings changed? Cash O Increased O Decreased O Increased Accounts Receivable Decreased Increased Supplies 0 Decreased Increased Prepaid Insurance Decreased Increased Equipment ??? ??? ??? ??? ??? ??? ? O Decreased Increased Accounts Payable Decreased O Increased Capital Stock Decreased Increased Retained Earnings Choose One Decreased
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