On September 1, 2012, Professional Golfer Journal, Inc., received a total of $120,000 as payment in advance for one-year subscriptions to a monthly magazine. A liability account was credited to Prepare entries for receipt of subscription record this cash receipt. By the end of the year, one-third of the magazines paid for in advance had been delivered. Give the entries to record the receipt of the subscription fees and to adjust at year-end the accounts at December 31, assuming annual financial statements are prepared at year-end. (L.O. 4)