Sports Illustrated received $120,000 in cash for two year (24 issues) magazine subscriptions on August...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Sports Illustrated received $120,000 in cash for two year (24 issues) magazine subscriptions on August 1, 2012. Sports Illustrated prepares yearly financial statements on December 31, 2012.
1. Calculate the balance in the Unearned Subscription Revenue account on December 31, 2012.
2. Prepare the journal entry for the receipt of cash on August 1, 2012.
3. Prepare the adjusting journal entry on December 31, 2012
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.