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Question - Splish Brothers publishes a monthly music magazine, DiscOver
Subscriptions to the magazine cost $20 per year. During November 2021, Splish Brothers sells 16,800 subscriptions beginning with the December issue. Splish Brothers prepares financial statements quarterly and recognizes subscription revenue on magazines sold at the end of the quarter. The company uses the accounts Unearned Revenue and Revenue.
1) Prepare the entry to record the receipt of the subscriptions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
2) Prepare the entry to record the adjusting entry at December 31, 2021, to record the revenue to be recognized in December 2021.
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