Fancy Gardens sells an annual magazine subscription for $50. On January 1, 2017, Fancy Gardens sells 2,000 annual subscriptions to its magazine. The magazine is issued monthly, and begins on January 1.
Required: Prepare the journal entry to record the initial sale of the subscriptions and the adjusting entry at January 31.

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The Answer of Fancy Gardens sells an annual magazine subscription for $50. On January 1, 2017, Fancy Gardens sells 2,000 annual subscriptions to its magazine. The magazine is issued monthly, and begins on January 1.
Required: Prepare the journal entry to record the initial sale of the subscriptions and the adjusting entry at January 31.

Fancy Gardens Sells an Annual Magazine Subscription for $50