We appreciate your visit to Celebrity Printings sold annual subscriptions to their magazine for 33 000 in December 2019 The magazine is published monthly The new subscribers received their first. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
Answer:
1. Unearned subscription revenue A/c Dr
To Subscription revenue
(Being the unearned amount is recorded)
2. $30,250
Explanation:
1. The adjusting entry is shown below:
Unearned subscription revenue A/c Dr
To Subscription revenue
(Being the unearned amount is recorded)
The computation is shown below:
= Annual subscription sold × number of months ÷ total number of months in a year
= $33,000 × 1 month ÷ 12 month
= $2,750
The one month is calculated from December 2019 to January 2020
2. The computation of the unearned revenue is shown below:
= Annual subscription sold - one month amount
= $33,000 - $2,750
= $30,250
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