On August $1,$ Happy Day Magazine collected cash of $$60,000$ on future annual subscriptions starting on September $1.$

This question: $3$ point$($s$)$ possible

Requirements

Journalize the transaction to record the collection of cash on August $1.$

Journalize the transaction required at December $31,$ the company's year$-$end, assuming no revenue earned has been recorded. $($Round adjustment to the nearest whole dollar.$)$

Requirement $1.$ Journalize the transaction to record the collection of cash on August $1.($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Aug. $($Record debits first, then credits. Select$],[$Aug$.1,,]]$

whole dollar.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$ec$.31,,,],[,,,$