On October 31st, ABC corp received a prepayment of $20,000 cash for a contract with the following
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Question:
On October 31st, ABC corp received a prepayment of $20,000 cash for a contract with the following details:
Sale of 100 widgets
Sale of 100 1-year monthly subscriptions
The widgets have a retail price of $24 and the monthly subscription has a retail price of $10 per month.
Provide the journal entries for the October 31st transaction.
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