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Make the necessary Journal entry at December

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Question - The following information relates to the Morganstern Magazine Company at the end of 2020. The accounting period is the calendar year.

On January 1, 2020, cash of $54,000 was received from subscribers (customers) for a 36-month subscription period beginning on that date. The receipt was recorded by a debit to Cash and a credit to Subscription Revenue. Make the necessary Journal entry at December 31?

Reference no: EM132595972

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