DE3-11 Write a paragraph to explain why unearned revenues are liabilities rather than revenues. In your explanation, use the following actual example: Southern Living Magazine collects cash from subscribers in advance and later mails the magazines to subscribers over a one-year period. Explain what happens to the unearned subscription revenue over the course of a year as Southern Living mails the magazines to subscribers. Where (into what account) does the unearned subscription revenue go as Southern Living mails magazines to sub- scribers? Give the adjusting entry that Southern Living makes to record the earning of $20,000 of Subscription Revenue. Include an explanation for the entry, as illustrated in the chapter.