In August,2013,a Publisher Receives a Check for $120 from a Subscriber

In August,2013,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 31,2013.(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.")