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Regal Real Estate, which maintains its accounts on the basis of a fiscal year ending June 30, began the management of an office building on
Regal Real Estate, which maintains its accounts on the basis of a fiscal year ending June 30, began the management of an office building on June 15 for an agreed annual fee of $4,800. The first payment is due on July 15. The adjusting entry required at June 30 is:
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