Financial Accounting Quiz
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Meridian Corp. recorded the following journal entry on December 15, 2023: Dr. Accounts Receivable $8,500, Cr. Sales Revenue $8,500. On December 30, 2023, the customer paid the full amount. If Meridian mistakenly recorded the payment as Dr. Cash $8,500, Cr. Sales Revenue $8,500, what would be the net effect on the December 31, 2023 balance sheet?
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