Consider the following independent transactions:

A. Magnificent Magazines received $12,000 on December 31, 2022, for subscriptions to magazines that will be published and distributed from January through December 2023.

B. Walker Window Washing paid $1,200 cash for supplies inventory on December 31, 2022. As of January 31, 2023, $200 of these supplies had been used up.

C. Indoor Raceway received $3,000 on December 31, 2022, from race participants for three races. One race was held on January 31, 2023, and the other two in March 2023.

Requirements: 1. For each of the above independent situations, prepare journal entries to record the initial transaction on December 31 and the adjustment required on January 31.