On July 1, Owl magazine collected cash of ($ 5,000) for annual subscriptions (12 issues per year)
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On July 1, Owl magazine collected cash of \(\$ 5,000\) for annual subscriptions (12 issues per year) starting on August 1. Journalize the transaction to record the collection of cash on July 1 and the transaction required at December 31, the magazine's year end, assuming no revenue has been recorded so far. (Round the adjustment to the nearest whole dollar.)
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Related Book For
Horngrens Accounting Volume 1
ISBN: 9780135359709
11th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood
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