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Suppose your company sells services of $180 In exchange for $110 cash and...

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Accounting

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Suppose your company sells services of $180 In exchange for $110 cash and $70 on account Required: 1. Prepare the Journal entry to record this transaction. 2 Identify the amount that should be reported as net cash flow from operating activities 3. Identify the amount that would be Included In net ncome. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities requirement 2 Complete this question by entering your answers in the tabs below. Required Required 2Required 3 Required 4 Prepare the journal entry to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Mew tranaaction lst Journal entry worksheet Record the service revenue of $110 for cash and $70 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2>

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