During a recent week, Pina Legal Services received $29900 cash from clients for services performed with a total value of $76200. The balance is to be received within 30 days. The effect of this transaction in the accounting records would be + $76200 revenue = + $29900 cash + $46300 accounts receivable. O+$46300 net income = + $46300 assets. +$76200 revenue = + $76200

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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During a recent week, Pina Legal Services
received $29900 cash from clients for
services performed with a total value of
$76200. The balance is to be received within
30 days. The effect of this transaction in the
accounting records would be
O+$76200 revenue = + $29900 cash
+ $46300 accounts receivable.
+ $46300 net income = + $46300
assets.
O+$76200 revenue = + $76200
accounts receivable.
O+$29900 revenue = + $29900 cash.
Transcribed Image Text:During a recent week, Pina Legal Services received $29900 cash from clients for services performed with a total value of $76200. The balance is to be received within 30 days. The effect of this transaction in the accounting records would be O+$76200 revenue = + $29900 cash + $46300 accounts receivable. + $46300 net income = + $46300 assets. O+$76200 revenue = + $76200 accounts receivable. O+$29900 revenue = + $29900 cash.
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