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Hi, please help: Received $4,000 in payments from clients for services billed in a previous...

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Accounting

Hi, please help:

Received $4,000 in payments from clients for services billed in a previous month. What affect does this transaction have on the accounts under the accrual basis of accounting?

Select one:

Total assets increase by $4,000

Assets will increase by $4,000 and revenues will increase $4,000

Total assets will be decrease by $4,000

The net effect on assets is zero.

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