Question: What is the adjusting journal entry for the situation below? On July 1, a client paid CMC $205,720 in advance for a year of consulting

What is the adjusting journal entry for the situation below?

On July 1, a client paid CMC $205,720 in advance for a year of consulting services.

The fiscal year ends Sept 30, 2023.

Please show how you arrived at the answer. Thank you!

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