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Record the receipt of the subscription fees

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Reference no: EM13536330

On 2010 September 1, Professional Golfer Journal, Inc., received a total of USD 120,000 as payment in advance for one-year subscriptions to a monthly magazine. A liability account was credited to record this cash receipt. By the end of the year, one-third of the magazines paid for in advance had been delivered. Give the entries to record the receipt of the subscription fees and to adjust the accounts at December 31, assuming annual financial statements are prepared at year-end.

Reference no: EM13536330

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