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a $1,000 increase to Revenue in Assets and a $1,000 increase to owners' equity

a $1,000 increase to Revenue in Assets and a $1,000 increase to owners' equity

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 8 of 14: Bill's Auto Repair received a customer payment of $1,000. Which entry is appropriate with a compound journal entry? Select an answer: a $1,000 increase to Revenue in Assets and a $1,000 increase to owners' equity a $1,000 increase to Assets and a $1,000 increase to owners' equity a $1,000 increase to Accounts Receivable and a $1,000 increase to Assets a $1,000 decrease to Assets and a $1,000 increase to owners' equity
Transcribed Image Text:Question 8 of 14: Bill's Auto Repair received a customer payment of $1,000. Which entry is appropriate with a compound journal entry? Select an answer: a $1,000 increase to Revenue in Assets and a $1,000 increase to owners' equity a $1,000 increase to Assets and a $1,000 increase to owners' equity a $1,000 increase to Accounts Receivable and a $1,000 increase to Assets a $1,000 decrease to Assets and a $1,000 increase to owners' equity
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