Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 10 - Reporting and Analyzing Liabilities - Exercises - Page 546: E10-7

Answer

Step1: Cash 156,000 dollars Unearned Subscription revenue 156,000 dollars Step2: Unearned Subscription revenue 13,000 dollars Subscription revenue 13,000 dollars Step3: Unearned Subscription revenue 39,000 dollars Subscription revenue 39,000 dollars

Work Step by Step

Step1: To record receipt of yearly subscription Step2: To record subscription revenues earned for December 2010 Step3: To record subscription revenues earned for the quarter Jan-March 2011
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