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On December 1, 2020, Preston Corp. received $4,000 for services it will provide evenly to a customer over the next four months beginning on December

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On December 1, 2020, Preston Corp. received $4,000 for services it will provide evenly to a customer over the next four months beginning on December 1. Required: Assuming the December 1st transaction was properly recorded, prepare the adjusting entry Preston should make at the end of its calendar year (12/31/20). Date Account Name: Debit Credit 12/31/20

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