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10. Fanning's Electronics on Dec 31,2002 recording following

transaction.

On Oct 1, 2002, the company agreed to work on

a new house development. For installing alarm

systems in 24 new homes, the company is paid $

120,000 in advance on Oct 1. Between Oct 1 and

Dec 31, work on 20 homes was completed.

On Dec 29, 2002, the company performed a $

7000 service that has not been billed as of Dec

31, 2002.

Prepare its necessary adjusting entries.