(L. OBJ. 8) Analyzing transactions [5 min]
Brid Poison collected cash on account from a client for whom the business had provided delivery services one month earlier.
Requirements
1. Why did the business fail to record revenue when it collected the cash on account?
2. Write two accounting equations to show the effects of
a. Receiving cash of $300 for service revenue earned
b. Receiving cash of $300 from customer on account
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