3. Golf Pro Publications publishes a golf magazine for women. The magazine sells for $3 a copy on the newsstand. Yearly subscriptions to the magazine cost $24 per year (12 issues). During December 2020, Golf Pro Publications sells 12,000 copies of the golf magazine at newsstands and receives payment for 25,000 subscriptions for 2021. Financial statements are prepared monthly. Instructions (a) Prepare the December 2020 journal entries to record the newsstand sales, and subscriptions received. (b) Prepare the necessary adjusting entry on January 31, 2021. The January 2021 issue has been mailed to subscribers.