Using the information provided in BE4- 21, prepare the t- accounts for Subscription Revenue and Unearned Subscription
Question:
In BE4- 21
Adjusting Journal Entries. Gerhard News collects payments from customers for newspaper subscriptions on a yearly basis, that is, in one- year subscriptions. On March 1, Gerhard collected $ 24,000 cash for one- year subscriptions. Gerhard recorded the full amount as revenue. Prepare the entry made on March 1 and the necessary adjusting journal entry on December 31.
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December 31 date of adjusting entry ACCOUNT DEBIT ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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