Suppose your company sells services of $180 in exchange for $110 cash and $70 on account.  prepare journal entry a) Record the service revenue of $110 for cash and $70 on account.   dentify the amount that should be reported as net cash flow from operating activities. Identify the amount that would be included in net income. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2).

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.