Chapter 11

1).

On August 1, Cooking Fun Magazine collected cash of $72,000 on future annual subscriptions starting on September 1. Requirements 1. Journalize the transaction to record the collection of cash on August 1. 2. Journalize the transaction required at December 31, the magazine's year-end, assuming no revenue earned has been recorded. (Round adjustment to the nearest whole dollar.) Requirement 1. Journalize the transaction to record the collection of cash on August 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Aug. 1