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Gallery Corp. performs 20 days' work on a 30-day contract. The total contract is valued at $6,000. The adjusting entry of $4,000 includes a credit to unearned revenue.
Utmost Good Faith
A principle that obliges all parties to an insurance contract to act honestly and disclose all relevant facts.
Real Estate Agent
A licensed professional who represents buyers or sellers in real estate transactions, facilitating the process of buying, selling, or renting property.
Duty
A moral or legal obligation; a responsibility that one is bound to perform or fulfill.
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