5. SHOCKER Publication sells magazine subscriptions for a 1-year, 2-year or 3-year period. Cash receipts from subscribers are credited to unearned subscription revenue and this account had a balance of P 1,700,000 on January 1, 2021. The entity provided the following information for the year ended December 31, 2021: Cash receipts from subscribers Subscription revenue credited on December 31, 2021 2,300,000 1,500,000 On December 31, 2021, what amount should be reported as unearned subscriptions revenue?
5. SHOCKER Publication sells magazine subscriptions for a 1-year, 2-year or 3-year period. Cash receipts from subscribers are credited to unearned subscription revenue and this account had a balance of P 1,700,000 on January 1, 2021. The entity provided the following information for the year ended December 31, 2021: Cash receipts from subscribers Subscription revenue credited on December 31, 2021 2,300,000 1,500,000 On December 31, 2021, what amount should be reported as unearned subscriptions revenue?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 69E: Unearned Revenue Jennifers Landscaping Services signed a $400-per-month contract on November 1,...
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