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Prepare the necessary adjusting journal entry. Assume that adjusting entries are made only at year-end. On October 15, WTI agreed to teach a four-month class
- Prepare the necessary adjusting journal entry. Assume that adjusting entries are made only at year-end.
On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.)
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