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Question 1

On June 1, Gardening Green Magazine collected cash of $83,400 on future annual subscriptions starting on July 1.

  1. Journalize the transactions to record the collection of cash on June 1.
  2. Journalize the transaction required at December 31, the magazine's year-end, assuming no revenue earned has been recorded. (round to nearest whole dollar)

Journal
DateDescriptionDebitCredit
June 1
June 1
December 31
December 31