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On November 1, 2021, a company signs a one-year contract to provide services. The agreement...

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Accounting

On November 1, 2021, a company signs a one-year contract to provide services. The agreement specifies payments of $4,500 to be received every three months for a total of $18,000 over the entire year ($1,500 per month). No entry is made up on November 1, 2021, at the time the contract is signed. What adjusting entry does the company need to record at the end of the year?

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