Warner Co. started a new publication called Contest News. Its subscribers pay $2

Question

Warner Co. started a new publication called Contest News. Its subscribers pay $24 to receive 12 issues. With every new subscriber, Warner debits Cash and credits Unearned Subscription Revenue for the amounts received. The company has 100 new subscribers as of July 1, 2009. It sends Contest News to each of these subscribers every month from July through December. Assuming no changes in subscribers, prepare the journal entry that Warner must make as of December 31, 2009, to adjust the Subscription Revenue account and the Unearned Subscription Revenue account


How do i do the math here?

Explanation / Answer

12months/6months=2 $24/2*100 = $1200 Unearned Subscription Revenue 1200 Subscription Revenue 1200

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