Provide the adjusting entry needed on June Assume the magazine initially records a liability for the subscription revenue.

Provide the adjusting entry needed on June Assume the magazine initially records a liability for the subscription revenue.

Real
Weight Losers, a diet magazine, collected $480,000 in subscription revenue in
May. Each subscriber will receive an issue of the magazine for each of the next
12 months, beginning with the June issue. The company uses the accrual method
of accounting. Provide the adjusting entry needed on June Assume the magazine
initially records a liability for the subscription revenue.


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