On October 1, 2019, Paige Turner Publishing received $61,800 in cash for subscriptions covering one year,...
On October 1, 2019, Paige Turner Publishing received $61,800 in cash for subscriptions covering one year, recording the entry as a debit to Cash and a credit to Unearned Subscriptions. The correct adjusting entry at December 31, 2019, is
Multiple Choice
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Debit Unearned Subscriptions $5,150; credit Subscriptions Income $5,150.
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Debit Unearned Subscriptions $61,800; credit Subscriptions Income $61,800.
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Debit Subscriptions Income $15,450; credit Unearned Subscriptions $15,450.
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Debit Unearned Subscriptions $15,450; credit Subscriptions Income $15,450.
Homework Answers
On October 1, 2019, Paige Turner Publishing received $61,800 in cash for subscriptions covering one year, recording the entry as a debit to Cash and a credit to Unearned Subscriptions.
Subscription income for 3 months (from October to December) = 61,800 x 3/12
= $15,450
Hence, at December 31, 2019, Subscription income should be credited by $15,450 and Unearned Subscriptions should be debited by $15,450
The correct adjusting entry at December 31, 2019, is:
Debit Unearned Subscriptions $15,450; credit Subscriptions Income $15,450.
Fourth option is correct.
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