Double-A Public Relations Firm got a new client on September 1. Double-A agreed to provide services to the new client at a rate of $250 per month for a three-month period beginning September 1. Double-A required the client to pay for the entire period on September 1. On September 30, Double-A needs to make an adjusting entry. Please provide that adjusting entry.
Definitions:
Annuity
A monetary product offering a set sequence of disbursements to a recipient, frequently used to generate income for people who are retired.
Discount Rate
In finance, the interest rate used to discount future cash flows of a financial instrument to present value, reflecting the opportunity cost of capital.
Payments
The act of transferring money or value from one party to another in exchange for goods, services, or to fulfill a legal obligation.
Years
Units of time measuring 365 days (or 366 in a leap year), often used to track age, duration, or periods of investment.
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