Duluth Co. collected a $6,000 cash advance from a customer on November 1, Year 1 for services to be provided over a six-month period beginning on that date. If the year-end adjustment is properly recorded, what will be the effect of the adjusting entry on Duluth's Year 1 financial statements? a. Increase assets and decrease liabilities
b. Increase assets and increase revenues
c. Decrease liabilities and increase revenues
d. No effect
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