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PQR Company collected $40,000 in advance for services to be provided evenly over the next 8 months. Requirements: a. Prepare the journal entry to record

PQR Company collected $40,000 in advance for services to be provided evenly over the next 8 months. Requirements: a. Prepare the journal entry to record the receipt of advance payment. b. Determine the liability account affected. c. Calculate the portion of revenue recognized for the first month. d. Record the revenue earned.

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