Elance Exams Answers PDF file

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ABC Co. incurs cleanup expense of $500 on December 30, 2010. The supplier's invoice states that the $500 is due by January 10, 2011. ABC follows the accrual basis of accounting and its accounting year ends on December 31. What is the effect of the cleanup service on the December balance sheet of ABC?

Liabilities Increased
No effect in 2010
Assest increased
No effect on owner's equity
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