Which of the following statements is TRUE? If a company provides service and bills its client $20,000, the journal entry to record this transaction will cause Total Assets to increase. If a company collects a cash deposit of $20,000 for services not yet performed, the journal entry to record this transaction will cause Net Income to increase. If a company pays $20,000 for inventory previously purchased on account, the journal entry to record this payment will cause Total Liabilities to increase. None of the above.

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