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On September 1, 2018, Professional Golfer Journal, Inc., received a total of $150,000 as payment in advance for one-year subscriptions to a monthly magazine. A

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On September 1, 2018, Professional Golfer Journal, Inc., received a total of $150,000 as payment in advance for one-year subscriptions to a monthly magazine. A liability account was credited to record this cash receipt. By the end of the year, one-third of the maga- zines paid for in advance had been delivered. Give the entries to record the receipt of the subscription fees and to adjust the accounts at December 31, assuming annual financial statements are prepared at year-end

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