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Jeff publishes a monthly T-Shirt magazine. Subscriptions to the magazine cost $28 per year. During November 2014, Jeff sells 30,960 subscriptions beginning with the December
Jeff publishes a monthly T-Shirt magazine. Subscriptions to the magazine cost $28 per year. During November 2014, Jeff sells 30,960 subscriptions beginning with the December issue. Jeff prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. Jeff uses the accounts Unearned Subscription Revenue and Subscription Revenue. Prepare the entry in November for the receipt of the subscriptions.
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