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EFG Ltd. received a $2,000 advance payment from a customer on December 1, 2023, for services to be provided in January 2024. Record the journal

EFG Ltd. received a $2,000 advance payment from a customer on December 1, 2023, for services to be provided in January 2024. Record the journal entry for the receipt of the advance and the adjusting entry when the services are performed. Explain the effect on the financial statements.

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