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Bonita Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $30...

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Accounting

Bonita Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $30 per year. During November 2022, Bonita sells 34,000 subscriptions beginning with the December issue. Bonita prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue.
Prepare the adjusting entry at March 31,2023, to record sales revenue recognized in the first quarter of 2023.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation
Debit
Credit
Mar. 31
image

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