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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 + $76200 revenue = + $29900 cash + $46300 accounts receivable. O+$46300 net income = + $46300 assets. +$76200 revenue = + $76200

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
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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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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