MGZ. sold $300,000 of “Field Hockey Digest” subscriptions on…
MGZ. sold $300,000 of “Field Hockey Digest” subscriptions on August 1, 2023 and recorded the full amount as “Unearned Revenue.” The subscriptions are for 12 monthly issues. At December 31, 2023, MGZ. had mailed 5 issues of the magazine. What will the adjusting entry need to include with regard to this information?
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