Exercise I On 2010 September 1, Professional Golfer Journal, Inc., received a total of USD 120,000 as payment in advance for one-year subscriptions to a monthly magazine. A liability account was credited to record this cash receipt. By the end of the year, one-third of the magazines paid for in advance had been delivered. Give the entries to record the receipt of the subscription fees and to adjust the accounts at December 31, assuming annual financial statements are prepared at year-end. Exercise J On 2010 April 15, Rialto Theater sold USD 90,000 in tickets for the summer musicals to be performed (one per month) during June, July, and August. On 2010 July 15, Rialto Theater discovered that the group that was to perform the July and August musicals could not do so. It was too late to find another group qualified to perform the musicals. A decision was made to refund the remaining unearned ticket revenue to its ticket holders, and this was done on July 20. Show the appropriate journal entries to be made on April 15, June 30, and July 20. Rialto has a June 30th year- end. Exercise K Guilty & Innocent, a law firm, performed legal services in late December 2010 for clients. The USD 30,000 of services would be billed to the clients in January 2011. Give the adjusting entry that is necessary on 2010 December 31, if financial statements are prepared at the end of each month