Unearned Revenue A magazine company sells a one-year subscription for $42 that will begin the month after

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Unearned Revenue A magazine company sells a one-year subscription for $42 that will begin the month after the payment is received. During November, the company sells 200 subscriptions. The company did not sell any other subscriptions in the period.

a. Find the adjustment needed at December 31 to record any revenue earned for the November subscriptions.

b. Journalize the adjusting entry to record the revenue

Related Book For answer-question

Cornerstones of Financial and Managerial Accounting

ISBN: 978-0324787351

1st Edition

Authors: Rich Jones, Mowen, Hansen, Heitger

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Posted Date: Nov 03, 2022 02:22 AM

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Unearned Revenue A magazine company sells a one-year subscription for $42 that will begin the month after

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a 1400 42 12 months 350 per month per subscription 350 2 months 200 subscriptions ... View the full answer

Cornerstones of Financial and Managerial Accounting

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