On June 1, Guitar Magazine collected cash of $51,000 on future annual subscriptions starting on July 1.

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On June 1, Guitar Magazine collected cash of $51,000 on future annual subscriptions starting on July 1.
Requirements
1. Journalize the transaction to record the collection of cash on June 1.
2. Journalize the transaction required at December 31, the magazines year-end, assuming no revenue earned has been recorded.
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Related Book For  answer-question

Horngrens Financial and Managerial Accounting

ISBN: 978-0133866292

5th edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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