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During December 2016, Carroll Service Company Performed $1,500 of Services

Question 92

Essay

During December 2016, Carroll Service Company performed $1,500 of services, but as of December 31, 2016, Carroll has not yet billed the clients. If Carroll fails to make an adjusting entry on December 31, 2016, indicate the effect on assets, liabilities, equity, and net income. During December 2016, Carroll Service Company performed $1,500 of services, but as of December 31, 2016, Carroll has not yet billed the clients. If Carroll fails to make an adjusting entry on December 31, 2016, indicate the effect on assets, liabilities, equity, and net income.

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