Modern Magazine sells annual subscriptions to its magazine for $18. Subscribers receive a magazine each month. The current newsstand price is $2 per monthly magazine. For the current year, Modern Magazine sold 1,000 annual subscriptions. The monthly adjusting entry to record the revenue recognized would be a debit to Unearned Subscription Revenue, $1,500, and a credit to Subscription Revenue, $1,500. debit to Cash, $18,000, and a credit to Subscription Revenue, $18,000. debit to Subscription Revenue, $1,500, and a credit to Unearned Subscription Revenue, $1,500. debit to Cash, $1,500, and a credit to Subscription Revenue, $1,500.