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On February 1, Right Angle LLC enters into a contract to provide architectural services to Conglomerate Ltd. for $150,000, requesting and receiving a 20% deposit.

On February 1, Right Angle LLC enters into a contract to provide architectural services to Conglomerate Ltd. for $150,000, requesting and receiving a 20% deposit. The deposit is recorded in revenue. ON September 30, Right Angle's year end, Right Angle has completed 70% of the contract and has received an additional $80,000 in cash, which it has recorded in revenue. What is the adjusting entry on September?

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