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Skysong Company Ltd, publishes a monthly sports magazine,...

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Accounting

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Skysong Company Ltd, publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $29 per year. During November 2022, Skysong sells 5,820 subscriptions for cash, beginning with the December issue. Skysong prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end. Prepare the adjusting entry at March 31, 2023, to record subscription revenue in the first quarter of 2023. (Credit account titles are automatically indented when 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.)

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