On October 1, Investing Rich Magazine collected cash of $69,000 on future annual subscriptions starting...
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Accounting
On October 1, Investing Rich Magazine collected cash of $69,000 on future annual subscriptions starting on November 1. Requirements 1. Journalize the transaction to record the collection of cash on October 1. 2. Journalize the transaction required at December 31, the magazine's year-end, assuming no revenue eamed has been recorded. (Round adjustment to the nearest whole dollar.) Requirement 1. Journalize the transaction to record the collection of cash on October 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Oct. 1 Requirement 2. Journalize the transaction required at December 31, the magazine's year-end, assuming no revenue earned has been recorded. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Round adjustment to the nearest whole dollar.) Date Accounts and Explanation Debit Credit Dec. 31
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