On May 1 of the current year, Caroline Publishers collected $450,000 for 3-year online subscriptions to its Jasper Style Magazine. Caroline has a December 31 year-end. Prepare the joumal entries required on the date Caroline collects the subscriptions and at year-end. What revenue is earned in the current year? What is the balance in the unearned revenue account at December 31 of the current year? (Record debits first, then credits. Exclude explanations from any journal entries.) What revenue is earned in the current year? The revenue earned in the current year is Prepare the journal entry required on the date Caroline collects the subscriptions. Prepare the journal entry required at year-end. What is the balance in the unearned revenue account at December 31 of the current year? The unearned revenue account at December 31 of the current year is