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On August 1, Secret Sauce Technologies Inc. paid $12,672 in advance for two years membership in a global technology association. Prepare Secret Sauces August 1

On August 1, Secret Sauce Technologies Inc. paid $12,672 in advance for two years membership in a global technology association. Prepare Secret Sauces August 1 journal entry and the annual adjusting entry on December 31. Prepare journal entries, treating the initial August 1 expenditure as an expense

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