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Fortune Co. receives $30,000 cash in advance for four months of legal services on October 1, 2011, and records it by debiting Cash and crediting Unearned Revenue, both for $30,000. It is now December 31, 2011, and Fortune has provided legal services as planned. What adjusting entry should Fortune make to account for the work performed from October 1 through December 31, 2011?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M971662

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