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Question(s) / Instruction(s):

     29.     In August, 2008, a publisher receives a check for $120 from a subscriber for a one-year subscription to "Willie," a monthly magazine. The subscriber will receive the first magazine in September. Prepare: (a) the journal entry to record the amount received in August; and(b) the adjusting entry to be made as of December 31, 2008. (HINT: The publisher earns revenue only on delivery of magazines to the subscribers. Receipt of cash before delivery results in a liability called "Deferred subscription revenue.")

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