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On March 31, Phoenix, Inc. paid Melanie Publishing Company $16,200 for a 3-year subscription for five different magazines. The subscriptions started immediately. What is the

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On March 31, Phoenix, Inc. paid Melanie Publishing Company $16,200 for a 3-year subscription for five different magazines. The subscriptions started immediately. What is the adjusting entry that should be recorded by Melanie Publishing Company on December 31 of the first year if the credit to record the collection was made to Revenue account

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