A company performs $4,200 of services during the month and receives full cash payment from customers at the time of service. Record the cash receipt using (a) accrual-basis accounting and (b) cash-basis accounting.
What will be an ideal response?
| (a) | Cash | 4,200 | ? |
| ? | Service Revenue | ? | 4,200 |
| (b) | Cash | 4,200 | ? |
| ? | Service Revenue | ? | 4,200 |
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