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Journalize the transaction required at December

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Reference no: EM133061914

Question - On October 1, Cooking Fun Magazine collected cash of $60,000 on future annual subscriptions starting on November 1.

Required -

1. Journalize the transaction to record the collection of cash on October 1.

2. Journalize the transaction required at December 31, the company's year-end, assuming no revenue earned has been recorded.

Reference no: EM133061914

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