Montgomery Equipment Rental Company received $1,000 cash from a customer; the amount was owed to...
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Accounting
Montgomery Equipment Rental Company 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?
| Cash increases and Accounts Payable decreases | ||
| Cash increases and Service Revenue increases | ||
| Cash increases and Accounts Receivable decreases | ||
| Accounts Receivable increases and Service Revenue increases |
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