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Accounting

Problem

Journalizing and posting an adjusting entry for unearned revenue

Southern Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period.

Requirements

1. Record the journal entry to record the original receipt of $150,000 cash.

2. Record the adjusting entry that Southern Magazine makes to record earning $9,000 in subscription revenue that was collected in advance.

3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances after adjustments. (Ignore the Cash account.)

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92718093

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