Payment is received from customers who were billed earlier for services provided for them. For...
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Accounting
Payment is received from customers who were billed earlier for services provided for them. For this transaction, identify the effect on the accounting equation.
a.Assets increase and liabilities increase.
b.There is no effect on the accounting equation as one asset account increases while another asset account decreases.
c.Assets increase and stockholders' equity increases.
d.Liabilities increase and stockholders' equity decreases.
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