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
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
Section: Chapter Questions
Problem 2MCQ: In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in...
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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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