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Prepare the necessary adjusting journal entry on December

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Question - Gordon News collects payments from customers for newspaper subscriptions on a yearly basis (one-year subscriptions). On March 1, 2020 Gordon collected $24,000 cash for one year subscriptions. Gordon recorded the full amount as unearned revenue. Prepare the necessary adjusting journal entry on December 31, 2020.

Reference no: EM132816461

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