On August 1, 2009, a magazine publisher receives $24 cash for a year s subscription...
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Accounting
On August 1, 2009, a magazine publisher receives $24 cash for a year s subscription ending July 31, 2010. This transaction was originally recorded with a credit to Subscription Revenue. The adjusting entry on December 31, 2009, would be:
Debit to Unearned Revenue, credit to Subscription Revenue for $14.
Debit to Subscription Revenue, credit to Unearned Revenue for $14.
Debit to Subscription Revenue, credit to Unearned Revenue for $10.
Debit to Unearned Revenue, credit to Subscription Revenue for $10.
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