Shamrock Publications sold annual subscriptions to their magazine for $37,800 in December 2024. The magazine is published monthly. The new subscribers received their first magazine in January 2025. (a1) What adjusting entry should be made in January if the subscriptions were originally recorded as a liability? (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is
Shamrock Publications sold annual subscriptions to their magazine for $37,800 in December 2024. The magazine is published monthly. The new subscribers received their first magazine in January 2025. (a1) What adjusting entry should be made in January if the subscriptions were originally recorded as a liability? (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Rahul
Transcribed Image Text:Shamrock Publications sold annual subscriptions to their magazine for $37,800 in December 2024. The magazine is published
monthly. The new subscribers received their first magazine in January 2025.
(a1)
What adjusting entry should be made in January if the subscriptions were originally recorded as a liability? (List all debit entries
before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is
required, select "No entry" for the account titles and enter O for the amounts.)
Date Account Titles and Explanation
Jan. 31
Debit
Credit
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