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Question(s) / Instruction(s):

A firm receives $100, owed by its client for work performed in an earlier accounting period. The effect of this transaction will be to:

a)            increase Cash by $100 and decrease Accounts Receivable by $100.

b)            decrease Accounts Payable by $100 and decrease Cash by $100.

c)            decrease Cash by $10.

d)            decrease Accounts Payable by $100 and increase Cash by $100.


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