Review the following transactions and prepare any necessary journal entries for Woodworking Magazine. Woodworking Magazine provides one issue per month to subscribers for a service fee of $240 per year. Assume January 1 is the first day of operations for this company, and no new customers join during the year.
A. On January 1, Woodworking Magazine receives advance cash payment from forty customers for magazine subscription services. Handyman had yet to provide subscription services as of January 1.
B. On April 30, Woodworking recognizes subscription revenues earned.
C. On October 31, Woodworking recognizes subscription revenues earned.
D. On December 31, Woodworking recognizes subscription revenues earned.