Transactions as an increase to cash


Problem: Mr. Negan recently opened a new rock club, the Sanctuary, in the Pilsen neighborhood of Chicago. While the venue itself will not officially open for another few months, business is booming. Negan began selling tickets to various concerts set to take place in the months to come, Mr. Negan has chosen to record these transactions as an increase to cash and an Increase to service revenue. Is this accurate? If so, explain to Mr. Negan why he's on the right track. If it's not accurate. Explain to Mr. Negan why he's incorrect. Be sure to explain fully and be detailed in your explanations.

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Other Subject: Transactions as an increase to cash
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