Frack's Video Mart sells one- and two-year mail order subscriptions for its video-of-the-month business. Subscriptions are

collected in advance and credited to sales. An analysis of the recorded sales activity revealed the following:

2013 2014

Sales $420,000 $500,000

Less cancellations 20,000 30,000

Net sales $400,000 $470,000

Subscriptions expirations:

2013 $120,000

2014 155,000 $130,000

2015 125,000 200,000

2016 140,000

Totals $400,000 $470,000

Prepare any required general journal adjusting entries (without explanation) for the years ending 12/31/13 and 12/31/14.