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If you have difficulty answering the following questions, learn more about this topic by reading our Accounting Equation (Explanation).
For each of the transactions in items 2 through 13, indicate the two (or more) effects on the accounting equation of the business or company.
Information for Items 10 through 13
Company X provides consulting services to Client Q in May. Company X bills Client Q in May for the agreed upon amount of $5,000. The sales invoice shows that the amount will be due in June.
Expenses
Owner's Draws
Revenue
Net Income
Net Loss
Revenue
Only One
Only Two
Two Or More
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