3. On Nvember 1, 20X4, ABC Co. collected $16,000 from a client in advance for...
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Accounting
3. On Nvember 1, 20X4, ABC Co. collected $16,000 from a client in advance for services that would be performed in early 20X5. These services were performed during February of 20X5. A)Prepare the journal entry that would have been made by ABC Co. upon receipt of the $16,000 on November 6, 20X4. B)Prepare the adjusting journal entry needed on February 28, 20X5.
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