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Question - Record the required adjusting journal entries on December 31, 2020 for the below transactions of Moon Corporation.
a. On Oct 1, 2020, $5,840 was collected as advance from a customer for services to be provided over the next 12 months.
b. Salaries are paid each Friday, $175 per day for the five-day week. This Year, Dec 31, has fallen on a Tuesday.
c. On Jan 1, 2020, purchased machinery for $126,000. The machinery will have a useful life of 6 years.
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