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On July 1 of the current year, NSC Company received an advance payment of $6,000 for work to be performed over the next 20 months.

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On July 1 of the current year, NSC Company received an advance payment of $6,000 for work to be performed over the next 20 months. This company's fiscal period is from January 1 to December 31. The adjusting entry on December 31 related to this transaction would involve a debit to and a credit to

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