MVD News Inc. sells one-year newspaper subscriptions for $72 cash each. Newspapers are delivered daily. The average cost of producing and delivering papers each month is $3 paid in cash at the time of delivery. MVD’s sales activity for the year follows:

■ On January 1, 2020, MVD sold 8,000 subscriptions. 

■ On February 1, 2020, MVD sold 6,000 subscriptions. 

■ On August 1, 2020, MVD sold 9,000 subscriptions. 

■ On December 1, 2020, MVD sold 12,000 subscriptions 

MVD’s year-end is December 31. 

Required:

a. Prepare journal entries to record the subscription sales during the year. 

b. Prepare summary journal entries to record the revenue earned during the year and the related expense.