Required:

For each of the following independent situations, prepare journal entries to record the initial transaction on December $31$ and the

adjustment required on January $31.($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first

account field.$)$

a$.$ Magnificent Magazines received $$7,200$ on December $31,2021,$ for subscription services related to magazines that will be published

and distributed in January through December $2022.$

b$.$ Walker Window Washing paid $$720$ cash for supplies on December $31,2021.$ As of January $31,2022,$ $$120$ of these supplies had

been used up$.$

c$.$ Indoor Raceway received $$1,800$ on December $31,2021,$ from race participants for providing services for three races. One race is

held January $31,2022,$ and the other two will be held in March $2022.$

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

Record the receipt by Indoor Raceway of $$1,800$ on December $31,2021,$ from

race participants for providing services for three races. One race is held on

January $31,2022,$ and the other two will be held in March $2022.$

Note: Enter debits before credits.