Financial Accounting: E10-7 Valenti Company Ltd. publishes a monthly sports magazine

Financial Accounting
E10-7 Journalize unearned subscription revenue
Valenti Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $30 per year. During November 2014, Valenti sells 5,320 subscriptions for cash, beginning with the December issue. Valenti 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. The company has a December 31 year-end.Instructions:
a. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
b. Prepare the adjusting entry at December 31, 2014, to record subscription revenue in December 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
c. Prepare the adjusting entry at March 31, 2015, to record subscription revenue in the first quarter of 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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