The Shreddy Company receives a $3,200 bill from a supplier for delivery services rendered. Set up two or more T-accounts below and show how this transaction would be recorded directly in those accounts.
Definitions:
Net Income
Net income is the amount of money left after all expenses, taxes, and costs have been subtracted from a company's total revenue.
Revenues
Income generated from normal business operations and includes discounts and deductions for returned merchandise.
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