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Clips Online sells subscriptions for $36 for 12 months. The company collects cash...

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Accounting

Clips Online sells subscriptions for $36 for 12 months. The company collects cash in advance and then subscribers have access to unlimited movies each month.
Apply the revenue recognition principle to determine
a. when Clips Online should record revenue for this situation.
b. the amount of revenue Clips Online should record for three months.
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