On April 1, Livng Good Magazine collected cash of 9,000 on future annual subscri

Question

On April 1, Livng Good Magazine collected cash of 9,000 on future annual subscriptions starting on May 1 Requirements 1. -our naize the transaction to record the collection or cash on April 2. Journaize the transaction required at December 31, the magazine's year-end. 8ssuming no revenue eamed has been recorded (Round edjustment to the nearest whole dollar.) Requirement 1. Journaize the transaction to record the colection of cash on April 1. (Reoord debits first then credts Select the explanation on the last line of the joumal entry table) Date Accounts and Explanation Debit Credit Apr

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Apr 1 Cash 69000      Unearned susbcription revenue 69000 (To record unearned revenue) Dec 31 Unearned susbcription revenue (69000/12*8) 46000      Susbcription revenue 46000 (To record adjusting entry)

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