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1. Dorie Greenspan Publications publishes a food and travel magazine. The magazine sells for $4 a copy on the newsstand. Yearly subscriptions to the magazine cost $36 per year (12 issues). During December 2020, Dorie Greenspan Publications sells 12,000 copies of the food and travel magazine at newsstands and receives payment for 20,000 subscriptions for 2021. Financial statements are prepared monthly (6 points) Instructions (a) Prepare the two December 2020 journal entries to record the newsstand sales and the subscriptions received. (b) Prepare the necessary adjusting entry on January 31, 2021. The January 2021 issue has been mailed to subscribers. Date Account Debit Credit (a) (b)