Learning Objective 1 S11-3 Recording unearned revenue On July 1, Fly Fishing Magazine collected cash of $80,000 on future annual sub- scriptions starting on August 1. Requirements 1. Journalize the transaction to record the collection of cash on July 1. 2. Journalize the transaction required at December 31, the magazine's year-end, assuming no revenue earned has been recorded. (Round adjustment to the nearest whole dollar.)