Register
On september 1, 2018, fortune magazine sold 600 one-year subscriptions for $81 each. the total amount received was credited to deferred subscriptions revenue. what is the required adjusting entry at december
151k views
0 votes
On september 1, 2018, fortune magazine sold 600 one-year subscriptions for $81 each. the total amount received was credited to deferred subscriptions revenue. what is the required adjusting entry at december 31, 2018?

User Mckeed
by
7.1k points

1 Answer

5 votes
The required adjusting entry will be; Debit unearned revenue for 16,200 and Credit revenue for 16,200. An unearned or deferred revenue is classified as profit but it is listed on the liability on the balance sheet until it has been delivered or has been performed the services.
User Lviggiani
by
8.0k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

What can turn igneous rock into sediment?
What is meant by data mining ?
The government has decided that the free market price of cheese is too low. Farmers complain that the price floor has reduced their total revenue.Is this possible? Explain
The government’s involvement in economy serves what two purposes?
Identify the advantages and disadvantages of a command economy.
Link Copied!