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What is the impact on the expanded accounting equation

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Problem 1: Bolo, Inc. provides services to a customer according to their agreement and those services are substantially complete in 2020. The customer is sent a bill but has not paid yet in 2020. Bolo fully expects the customer to pay. What is the impact on the expanded accounting equation for 2020?

Option 1: Current assets increase

Option 2: Revenue for 2020 increases

Option 3: Retained earnings for 2020 increases

Option 4: All of the above are impacts of this transaction

Reference no: EM132816898

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