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Big Wheel Times collects cash from subscribers in advance and then mails the rollerblading magazines to subscribers over a one-year period.

  1. Record the journal entry to record the receipt of cash for $143,800 received March 1.
  2. Record the adjusting entry Big Wheel Times makes to record the earning of $9,000 March 31 for subscription revenue collected in advance.

Journal
DateDescriptionDebitCredit
March 1
March 1
March 31
March 31