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On October 25, ACME Corporation received $1,250 cash in advance from various customers for services starting in November. At December 31, $700 of those

On October 25, ACME Corporation received $1,250 cash in advance from various customers for services starting in November. At December 31, $700 of those services had not yet been provided. ACME Corporation has a December 31 year-end and adjusted its accounts annually. REQUIRED: a. Calculate the amount of service revenue earned at December 31. b. Prepare the adjusting journal entry required at December 31. Part a. The amount of service revenue earned = $ Part b. GENERAL JOURNAL ACCOUNT TITLES AND DEBIT CREDIT EXPLANATION DATE

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