On April 1, Otisco, Inc. paid Garcia Publishing Company $1,548 for 36-month subscriptions to several different magazines. Otisco debited the prepayment to a Prepaid Subscriptions account, and the subscriptions started immediately. What adjusting entry should be made by Otisco, Inc, for the adjustment on December 31 of the first year assuming the company is using a calendar-year reporting period and no previous adjustments had been made? Multiple Choice Debit Unearned Subscriptions $387 and credit Subscription Expense $387 Debit Subscription Expense $387 and credit Prepoid Subvcrigtions $387. Debil Subscription Expense $516 and creda Prepaig Subscriptions $516 Debit Prepaid Subscriptions $516 and credt Subscription fxpense $5%6