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Exercise : Guilty & Innocent, a law firm, performed legal services in late December for clients. The $30,000 of services would be billed to the

Exercise :

Guilty & Innocent, a law firm, performed legal services in late December for clients. The $30,000 of services would be billed to the clients in January of next year. Give the adjusting entry that is necessary on December 31, if financial statements are prepared at the end of each month

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