April 1, Santa Fe, Incorporated pald Griffith Publlshing Company $1,548 for 36 -month subscriptions to several different magazines. Santa Fe debited the prepayment to a Prepald Subscriptions ccount, and the subscriptions started Immedlately. What adjusting entry should be made by Santa Fe, Incorporated for the adjustment on December 31 of the first year assuming the company is using a alendar-year reporting period and no prevlous adjustments had been made? Multiple Choice Debit Subscription Expense $516 and credit Prepaid Subscriptions $516. Debit Prepaid Subscriptions $516 and credit Subscription Expense $516. Debit Subscription Expense $387 and credit Cash $387. Debit Uneamed Revenue $387 and credit Subscription Expense $387. Debit Subscription Expense $387 and credit Prepaid Subscriptions $387