On April 1, Garcia Publishing Company received $1,548 from Otisco, 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 Garcia Publishing Company on December 31 of the first year?
A. debit Unearned Fees, $129; credit Fees Earned, $129.
B. debit Unearned Fees, $1,548; credit Fees Earned, $1,548.
C. debit Unearned Fees, $1,161; credit Fees Earned, $1,161.
D. debit Unearned Fees, $516; credit Fees Earned, $516.
E. debit Unearned Fees, $387; credit Fees Earned, $387.
Answer: E
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