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1 . James Co . was paid $ 4 , 5 0 0 in advance on the first day of the month for 6 months

1. James Co. was paid $4,500 in advance on the first day of the month for 6 months of accounting services to be performed regularly throughout the 6-month period. At the end of the month, what adjusting entry must be made relating to this transaction?
  

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