Review the following transactions and prepare any necessary journal entries for Health Magazine. Health Magazine provides one issue per month to subscribers for a service fee of $240 per year. Assume January 1 is the first day of operations for this company, and no new customers join during the year.

On January 1, Health Magazine received advance cash payment from forty customers for magazine subscription services. Weight Control had yet to provide subscription services as of January 1.

On April 30, Health Magazine recognized subscription revenues earned.

On October 31, Health Magazine recognized subscription revenues earned.

On December 31, Health Magazine recognized subscription revenues earned.