(1 pt.) On October 1, Sponge Bob, Inc. received $240 up front from a customer for a yearly magazine subscription. Magazines are provided one per month. Record the following journal entries.a. Record the initial receipt of payment from the customer on October 1.b. Record the adjusting entry for three months of magazines provided to the customer by December 31 (for October, November, and December)

#5 (1 pt.) On October 1, Sponge Bob, Inc. received $240 up front from a customer for a yearly magazine subscription. Magazines are provided one per month. Record the following journal entries. a. Record the initial receipt of payment from the customer on October 1. b. Record the adjusting entry for three months of magazines provided to the customer by December 31 (for October, November, and December) Accounts Debits Credits