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Warner Co. started a new publication called Contest News. Its subscribers pay $24 to receive 12 issues. With every new subscriber, Warner debits Cash and credits Unearned Subscription Revenue for the amounts received. The company has 100 new subscribers as of July 1, 2009. It sends Contest News to each of these subscribers every month from July through December. Assuming no changes in subscribers, prepare the journal entry that Warner must make as of December 31, 2009, to adjust the Subscription Revenue account and the Unearned Subscription Revenue account.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9973359

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