C. Alvaro Company sells magazines by subscription for P15 per copy. During the year, 47,200...
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Accounting
C. Alvaro Company sells magazines by subscription for P15 per copy. During the year, 47,200 two-year subscriptions were sold. As at June 1, 2016, the Unearned Magazine Revenues account had a balance of P315,000. At year-end, it is determined that the liability to provide subscribers' future magazines amounted to P613,000
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