Multiple Choice Question 129 Skysong, Inc. typically sells subscriptions on an a

Question

Multiple Choice Question 129 Skysong, Inc. typically sells subscriptions on an annual basis, and publishes 8 times a year. The made in January to record the sale of the subscriptions? magazine sells 49600 subsecriptions in January at $11 each. What entry is O Subscriptions Receivable O Prepaid Subscriptions O Subscriptions Receivable O Cash 545600 Subscription Revenue 545600 545600 Cash 545500 68200 Unearned Subscription Revenue 68200 545600 Unearned Subscription Revenue 545600 Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Total cash received = 49600 * 11 = 545600

The above case is an example of unearned revenue where cash is received at the beginning but service is provided over a time frame

Journal:

Csah A/c Dr 545600

To Unearned subscription revenue A.c 545600

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