Learning Objective 3 S3-9 Journalizing and posting an adjusting entry for unearned revenue Metro Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period. Requirements 1. Record the journal entry to record the original receipt of $170,000 cash. 2. Record the adjusting entry that Metro Magazine makes to record earning $12,000 in subscription revenue that was collected in advance. 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances after adjustments. (Ignore the Cash account.)