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A New York City daily newspaper called “Manhattan Today” charges an annual subscription fee of $108. Customers prepay their subscriptions and receive 270 issues over the year. To attract more subscribers, the company offered new subscribers the ability to pay $110 for an annual subscription that also would include a coupon to receive a 40% discount on a one-hour ride through Central Park in a horse-drawn carriage. The list price of a carriage ride is $100 per hour. The company estimates that approximately 30% of the coupons will be redeemed.

Prepare the journal entry to recognize sale of 10 new subscriptions, clearly identifying the revenue or unearned revenue associated with each performance obligation.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92041382

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