On July 1, 2016, Alpha Company, a world famous international monthly

food publication, sold 1,000 two-year subscriptions to their highly demanded monthly magazine. Each subscription sold for $15 each. Monthly magazines are mailed at the end of each month. Use this information to prepare the July 1 subscription sale and the year end adjusting General Journal entries (without explanation) for 2016. If no entry is required then write “No Entry Required.”

General Journal:
Date
Accounts
Debit
Credit
7/1/16
Cash
15,000

Unrearned subscription Revenue

15,000

12/31/16
Unearned Subscription Revenue

Subscription Revenue