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On July 31, 2022, the company received in advance from a customer, a cash payment of $10,000, for services to be completed in the following

On July 31, 2022, the company received in advance from a customer, a cash payment of $10,000, for services to be completed in the following 12 months. By the end of the fiscal year 2022, half of the revenue had been earned. Prepare the journal entry when the company received the advance payment and the adjusting journal entry at fiscal year end.

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