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On September 1, 2021, Fortune Magazine sold 720 one-year subscriptions for $85 each. The total amount received was credited to Deferred subscription revenue. What is

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On September 1, 2021, Fortune Magazine sold 720 one-year subscriptions for $85 each. The total amount received was credited to Deferred subscription revenue. What is the required adjusting entry at December 31, 2021? Multiple Choice 20,400 Deferred subscription revenue Subscription payable 20,400 20,400 Deferred subscription revenue Subscription revenue 20,400 40,800 Deferred subscription revenue Subscription revenue 40,800 61,200 Deferred subscription revenue Subscription revenue Prepaid subscriptions 20,400 40,800

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