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1.The Pennsylvania Company collects $180,000 on 10/1/16, in advance of performing their services.The money covers a 6 month period of time. For each independent entry

1.The Pennsylvania Company collects $180,000 on 10/1/16, in advance of performing their services.The money covers a 6 month period of time.

For each independent entry below, prepare the adjusting journal entry required at 12/31/16.

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