On September 1, 2021, Time Magazine received $240,000 for six month subscriptions covering the period October 1, 2021 through March 30,2022. Time faithfully fulfilled its responsibilities to tis customers in October and November. When Time prepares its balance sheet for November 30, 2021, what balance should the copmany reprot for unearned revenue?   A. $120,000 B. $80,000 C. $160,000 D. $0

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter3: Accrual Accounting
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On September 1, 2021, Time Magazine received $240,000 for six month subscriptions covering the period October 1, 2021 through March 30,2022. Time faithfully fulfilled its responsibilities to tis customers in October and November. When Time prepares its balance sheet for November 30, 2021, what balance should the copmany reprot for unearned revenue?

 

A. $120,000

B. $80,000

C. $160,000

D. $0

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