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7) On 1 August, Artist collected $4,000 for four portraits ($1,000 each) to be painted in the future. On 31 September, Artist completed one portrait.

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7) On 1 August, Artist collected $4,000 for four portraits ($1,000 each) to be painted in the future. On 31 September, Artist completed one portrait. Artist uses the accrual method of accounting. Prepare general journal entries for: a) 1 August, b) 31 September

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