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Gaga Ltd. sells home appliances on installment contracts. Gaga Ltd. also offers a separate service contract on each appliance sold at a cost of $5,000
- Gaga Ltd. sells home appliances on installment contracts. Gaga Ltd. also offers a separate service contract on each appliance sold at a cost of $5,000 that must be paid in full at the time of sale. Assume that Gaga Ltd. sells 10 appliances and service contracts on December 31, 2019. Record the journal entry related to the service contracts.
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