In April 2010 Crummies, Inc., a newly organized style magazine, received $27,000 for 750 two-year (24-month) subscriptions to the new publication. The first issue will be delivered in August 2010. Fill in the following chart for each of the given years to show the amount of revenue to be recognized on the income statement and the related liability reported on the balance sheet. Crummies’ fiscal year end is May31.

Transcribed Image Text:

Revenue recognized (during the year ended May 31) Unearned revenue at May 31 2010 2011 2012