1 On August 31, 2014 Customer ‘Over There’ owes the Wood Company $16,000. On Sept 7, 2014. Over… 1 answer below »

1 On August 31, 2014 Customer ‘Over There’ owes the Wood Company $16,000. On Sept 7, 2014. Over There sent a check for 50%, to Wood Company, for the amount due. Please explain how the Sept 7 transaction effects the income statement for Wood Company.

Point Value = 10

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