Question: ABC Co. performed client services during July 20X1 for services during July 20X1 for which the fees were $40,000. These fees had not been collected

ABC Co. performed client services during July 20X1 for services during July 20X1 for which the fees were $40,000. These fees had not been collected or billed as of July 31, 20X1 assuming ABC co. prepares adjusting entries monthly, what adjusting entry is needed on July, 31, 20X1?

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