Metlock Magazine sold 11,280 annual subscriptions on August 1, 2017, for $20 each. Prepare Metlock's August 1, 2017, journal entry and the December 31, 2017, annual adjusting entry, assuming the magazines are published and delivered monthly.
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On January 10, 2019, Metlock, Inc. sold merchandise on account to Monty Co. for $20,900, n/30. On February 9, Monty Co. gave Metlock, Inc. a 10% promissory note in settlement of this account.
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