On July 31, the cash account in the ledger of Stonehaven, Inc. showed a balance of $36,500. The bank statement, however, showed a balance of $43,700 at the same date. If the only reconciling items consisted of a $2,400 deposit in transit, a bank service charge of $4, and thirty outstanding checks, what was the total amount of outstanding checks? On 9/1/16, Wrenford Enterprises received a one-year subscription totaling $12,000 from a customer and made the following entry: Cash $12,000 Subscription Revenue $12,000 Prepare the necessary adjusting journal entry on 12-31-16