The following information was extracted from You Read Magazines Co. The company requires that customers pay...

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The following information was extracted from You Read Magazines Co. The company requires that customers pay the annual subscription fee for the magazine in advance. General Ledger Liability Account Subscriptions Received in Advance Cr($) $80,000 Dr($) Balance January 1, 2016 $128,000 Entries during 2016 $120,000 Required: a) What was the subscription revenue earned during 2016? b) What was the subscription revenue earned during 2016 for which the subscription fee was received in 2015? c) What was the subscription revenue earned during 2016 for which the subscription fee was also received in 2016? d) What is the subscription revenue to be earned in 2017 for which the subscription fee had been received in 2016? The following information was extracted from You Read Magazines Co. The company requires that customers pay the annual subscription fee for the magazine in advance. General Ledger Liability Account Subscriptions Received in Advance Cr($) $80,000 Dr($) Balance January 1, 2016 $128,000 Entries during 2016 $120,000 Required: a) What was the subscription revenue earned during 2016? b) What was the subscription revenue earned during 2016 for which the subscription fee was received in 2015? c) What was the subscription revenue earned during 2016 for which the subscription fee was also received in 2016? d) What is the subscription revenue to be earned in 2017 for which the subscription fee had been received in 2016?

Answer rating: 100% (QA)

A Subscription revenue earned during 2016 Amount debited from Subscription received in advance led... View the full answer