Final answer:
To calculate the amount to be taken to the receipts and payments account, we add the outstanding subscriptions at the start of the year ($1,500) to the amount received during the year ($10,000), and then subtract the amount outstanding at the end of the year ($2,500), resulting in $9,000 to be reported.
Step-by-step explanation:
The question pertains to calculating the amount that should be taken to the receipts and payments account with respect to subscriptions in a given fiscal year.
that $1,500 was outstanding at the beginning of the year, $10,000 was received during the year, and $2,500 was still outstanding at the end of the year, we need to determine the amount to be reported in the receipts and payments account.
To calculate this, we consider the amount received during the year ($10,000) and adjust it for the outstanding balances. We add the initial outstanding amount ($1,500) because it would have been part of this year's revenue, and subtract the amount outstanding at the end of the year ($2,500) since it will be part of next year's revenue.
This means the total amount to be reported is $9,000 ($10,000 + $1,500 - $2,500).