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1 On November 1 The Magazine Company received $365,940 for a 12 month subscription from their customers. The total amount received includes a sales tax

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1 On November 1 The Magazine Company received $365,940 for a 12 month subscription from their customers. The total amount received includes a sales tax of 7% and the customers will receive a monthly magazine for the next 12 months (starting in November). Required Prepare the journal entry for Nov 1 Prepare the journal entry for Nov 30

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