Monty Magazine sold $9,240$ annual subscriptions on August $1,2020,$ for $$17$ each. Prepare Monty's August $1,2020,$ journal entry and the December $31,2020,$ annual adjusting entry, assuming the magazines are published and delivered monthly. $($If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Debit

Credit