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On September 1, 2016, Fortune Magazine sold 600 one-year subscriptions for $81 each. The total amount received was credited to deferred subscriptions revenue. What is

On September 1, 2016, Fortune Magazine sold 600 one-year subscriptions for $81 each. The total amount received was credited to deferred subscriptions revenue. What is the required adjusting entry at December 31, 2016?

Deferred subscriptions revenue48,600Subscriptions revenue16,200Prepaid subscriptions32,400

Deferred subscriptions revenue16,200Subscriptions revenue16,200

Deferred subscriptions revenue16,200Subscriptions payable16,200

Deferred subscriptions revenue32,400Subscriptions revenue32,400

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