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A publisher sells magazine subscriptions. On November 1 of its first year of operations, the publisher sold and collected 10,000 one-year subscriptions for $30 each.

A publisher sells magazine subscriptions. On November 1 of its first year of operations, the publisher sold and collected 10,000 one-year subscriptions for $30 each. The publisher has a December 31 yearend.

-How would you record the transaction on November 1?

-What adjusting entry would you record at the end of the year?

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