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Transaction 9 - hands at that time Therefore an asset...

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Transaction 9 : On April 22, the Greener Landscape Group cuts grass for eight customers, billing  each one $50 but receiving no cash. In accordance with the revenue recognition principle, revenue is  recognized upon the completion of a service or the delivery of a product, even if no cash changes 
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Unformatted text preview: hands at that time. Therefore, an asset account (accounts receivable) increases and is debited for $400, and a revenue account (lawn cutting revenue) increases and is credited for $400....
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