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Sports Illustrated sells two-year subscriptions for $240 on January 1st of each year. Subscription revenues are evenly earned over the two year period. On December

Sports Illustrated sells two-year subscriptions for $240 on January 1st of each year. Subscription revenues are evenly earned over the two year period. On December 31st of year 1, what is the journal entry required?

Dr. Cash 240; Cr. Unearned Subscription Revenue 240

Dr. Unearned Subscription Revenue 120; Cr. Subscription Revenue 120

Dr. Subscription Revenue 120 ; Cr. Unearned Subscription Revenue 120

Dr. Unearned Subscription Revenue 240; Cr. Subscription Revenue 240

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