Journalizing and posting an adjusting entry for unearned revenue Southern Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period. Requirements Record the journal entry to record the original receipt of $150,000 cash. Record the adjusting entry that Southern Magazine makes to record earning $9,000 in subscription revenue that was collected in advance. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances after adjustments. (Ignore the Cash account.)