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Question: On December 1, Aggie Magazine Publishing Company (AMPCO) received $1,200 in advance from customers for 6-month subscriptions, with the first issue to be mailed December 15. AMPCO increased Unearned Revenue at the time the cash was received. Assuming the magazines were sent as promised, what adjusting entry should AMPCO record on December 31?

a. increase Cash and decrease Accounts Receivable for $1,000

b. decrease Accounts Receivable and increase Revenue for $200

c. increase Revenue and decrease Unearned Revenue for $200

d. increase Cash and increase Revenue for $1,200

e. none of the above

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92579600

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