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Evans Ltd. publishes a monthly newsletter for retail marketing managers and requires its subscribers to...

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Accounting

Evans Ltd. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $36 in advance for a one-year subscription. During the month of August 2016, Evans Ltd. sold 180 one-year subscriptions and received payments in advance from all new subscribers. Only 65 of the new subscribers paid their fees in time to receive the August newsletter; the other subscriptions began with the September newsletter.

a-3. Record the journal entry to show the effect of subscription fees received in advance and Subscription revenue earned during August 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

b. Calculate the amount of subscription revenue earned by Evans Ltd. during the year ended December 31, 2016, for these 180 subscriptions.

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