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Getaway, a travel magazine, collected $500,000 from 1,000 subscribers for subscription revenue in May. Each subscriber will receive an issue of the magazine for each
Getaway, a travel magazine, collected $500,000 from 1,000 subscribers for subscription revenue in May. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting. Prepare the journal entry for collection of cash in May and another journal entry during end of accounting period on December 31
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