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On April 1, Griffith Publishing Company received $4,320 from a client for 36-month subscriptions to...

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Accounting

On April 1, Griffith Publishing Company received $4,320 from a client for 36-month subscriptions to several different magazines. The company credited Unearned Fees 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 Griffith Publishing Company on December 31 of the first year?

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