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The adjusting entry that should be recorded by Garcia Publishing Company on December 31 of the first year is: Debit Unearned Fees, $7,245; credit Fees Earned, $7,245.
Adjusting journal entry
Based on the information given the appropriate adjusting journal entry to record the transaction will be:
Garcia Publishing Company adjusting journal entry
Debit Unearned Fees $7,245
Credit Fees Earned, $7,245
($28,980×9/36)
April 1 -December 31=9 months
Inconclusion the adjusting entry that should be recorded by Garcia Publishing Company on December 31 of the first year is: Debit Unearned Fees, $7,245; credit Fees Earned, $7,245.
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