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Clark Company receives money from customers who have been previously billed, on account, $8,850. What...

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Accounting

Clark Company receives money from customers who have been previously billed, on account, $8,850.

What is the effect of this transaction on individual asset accounts, individual liability accounts, the Capital Stock account, and the Retained Earnings account?

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An asset account increases. An asset account decreases. A liability account A liability account increases. decreases. Capital Stock decreases Retained Earnings Capital Stock increases. Retained Earnings increase decrease

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