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On January 30, Ochoa Company received $50,000 from a client to design a new product line. On February 28, Ochoa completed the new design and presented it to the client.
Question 1. What account will Ochoa debit on January 30?
a. Unearned Revenue
b. Revenue
c. Cash
d. Account Payable
e. Accounts Receivable
Question 2. What account will Ochoa credit on January 30?
Question 3. What account will Ochoa debit on February 28?
Question 4. What account will Ochoa credit on February 28?
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Calculate his income and expenses assuming he is an employee and assuming he is self-employed. present him with the results with two columns.
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