Waterway Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $$30$ per year. During November $2027,$ Waterway sells $24,500$ subscriptions beginning with the December issue. Waterway prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue.

$($c$)$

Prepare the adjusting entry at March $31,2028$ to record sales revenue recognized in the first quarter of $2028.($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date Account Titles and Explanation

Dec. $31$

Debit

Credit