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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
Fitch Supply Services received $1,000 cash from a customer; the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?
A) Cash increases and Accounts Receivable decreases
B) Cash increases and Service Revenue increases
C) Cash increases and Accounts Payable decreases
D) Accounts Receivable increases and Service Revenue increases
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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7 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
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