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On May 1, Baby Raising Magazine collected onth of $57.000 on future www.cription starting on line 1 Requirements Joumalize the transaction to record the collection of cash on May 1 2 Joumalize the transaction required of December 31, the company's year and, assuming no revenue camed has been recorded (Round adjustment to the nearest whole dollar) 1 Requirement 1. Joumaitre the transaction to record the collection of cash on May 1 (Record dobits first, then credia. Select the explanation on the line of the journal entry table) Credit Date Accounts and Explanation Debit May 1 Requirement 2 Journalire the transaction required at December 31, the company's year-end, assuming no revenue samad has been recorded. (Record debits first, then credite Select the explanatio Round adjustment to the nearest whole dollar) Date Accounts and Explanation Debit Credit Dec 31