Seagull Publications publishes a golf magazine for women. The magazine sells for $5.00 a copy on newsstands. Yearly subscriptions to the magazine cost $50 per year (12 issues). During December 2019, Seagull Publications sells 5,000 copies of the golf magazine at news-stands and receives payment for 6,000 subscriptions for 2020. Financial statements are prepared monthly.
Instructions:
(a) Prepare the December 2019 journal entries to record the newsstand sales and subscriptions received.
(b) Prepare the necessary adjusting entry on 31 January, 2020. The January 2020 issue has been mailed to subscribers.

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The Answer of Seagull Publications publishes a golf magazine for women. The magazine sells for $5.00 a copy on newsstands. Yearly subscriptions to the magazine cost $50 per year (12 issues). During December 2019, Seagull Publications sells 5,000 copies of the golf magazine at news-stands and receives payment for 6,000 subscriptions for 2020. Financial statements are prepared monthly.
Instructions:
(a) Prepare the December 2019 journal entries to record the newsstand sales and subscriptions received.
(b) Prepare the necessary adjusting entry on 31 January, 2020. The January 2020 issue has been mailed to subscribers.

Seagull Publications Publishes a Golf Magazine for Women