On July 1, Fly Fishing Magazine collected cash of $ 80,000 on future annual subscriptions starting on

Question:

On July 1, Fly Fishing Magazine collected cash of $ 80,000 on future annual subscriptions starting on August 1.

Requirements
1. Journalize the transaction to record the collection of cash on July 1.
2. Journalize the transaction required at December 31, the magazine’s year-end, assuming no revenue earned has been recorded. (Round adjustment to the nearest whole dollar.)