contestada

On September 1, 2003, Time Magazine sold 600 one-year subscriptions for $81 each. The total amount received was credited to Unearned subscriptions revenue. What would be the required adjusting entry at December 31, 2003

Respuesta :

Tundexi

Answer:

Total subscriptions revenue for the period= 4 months (September 1 - December 31)  

= (600 * $81) * 4/12

= $48,600 * 4/12

= $16,200

Hence adjusting entry would be:

Deferred subscriptions revenue a/c Dr $16,200

To Subscriptions revenue Cr $16,200

Otras preguntas