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On April 1, Garcia Publishing Company received $19,080 from Otisco, Incorporated for 36-month subscriptions to...

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Accounting

On April 1, Garcia Publishing Company received $19,080 from Otisco, Incorporated for 36-month subscriptions to several different magazines. The company credited Unearned Revenue for the amount received and the subscriptions started immediately. Assuming adjustments are only made at year-end, what is the adjusting entry that should be recorded by Garcia Publishing Company on December 31 of the first year? Multiple Choice debit Unearned Revenue, $6,360; credit Subscription Revenue, $6,360. debit Unearned Revenue, $14,310; credit Subscription Revenue, $14,310. debit Unearned Revenue, $4,770; credit Subscription Revenue, $4,770. debit Unearned Revenue, $19,080; credit Subscription Revenue, $19,080. debit Unearned Revenue, $1,590; credit Subscription Revenue

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