Business, 08.09.2020 14:01 lippj0228

On April 1, Griffith Publishing Company received $33,480 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The company credited Unearned Fees for the amount received and the subscriptions started immediately. Assuming adjustments are only made at year-end, what is the adjusting entry that should be recorded by Griffith Publishing Company on December 31 of the first year? a. debit Unearned Fees, $20,880; credit Fees Earned, $33,480.
b. debit Unearned Fees, $6,960; credit Fees Earned, $6,960.
c. debit Unearned Fees, $15,660; credit Fees Earned, $15,660.
d. debit Unearned Fees, $1,740; credit Fees Earned, $1,740.
e. debit Unearned Fees, $5,220; credit Fees Earned, $5,220.

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On April 1, Griffith Publishing Company received $33,480 from Santa Fe, Inc. for 36-month subscripti...

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