S3-9 (similar to) Question Help O Modern Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period. Read the requirements. Requirement 1. Record the journal entry to record the original receipt of $180,000 cash. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit * Requirements . X 1. Record the journal entry to record the original receipt of $180,000 cash. 2. Record the adjusting entry that Modem Magazine makes to record earning $8,000 in subscription revenue that was collected in advance. 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances after adjustments. (Ignore the Cash account.) Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? 2 parts remaining Clear All Check