The following unadjusted account balance was taken from the accounting records as of December 3 1 ,
Question:
The following unadjusted account balance was taken from the accounting records as of December the current year: Unearned Subscription Revenue $
A Prepare any adjusting entries necessary on December the current year, for each of the transactions that follow:
During the year, the company sold month subscriptions for its flagship magazine. Half of the subscriptions began on October the current year, while the other half began on December the current year.
The company estimates its income taxes to be of its estimated income of $
B Prepare the current liabilities section of the balance sheet by listing any current liabilities and the related amounts as a result of the adjustments in Part A
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds