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On October 15, Gallery Corp. received $12.500 as a down payment on a consulting contract. The amount was credited to Unearned Consulting Revenue. By October

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On October 15, Gallery Corp. received $12.500 as a down payment on a consulting contract. The amount was credited to Unearned Consulting Revenue. By October 31, 10% of the contract was completed. Gallery Corp. needs to prepare an adjusting entry for $1.250. True or False True False

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