Advance Payments for Goods The Petaluma Daily Times Corporation (CDT) publishes a daily newspaper. A 52-week...
Advance Payments for Goods The Petaluma Daily Times Corporation (CDT) publishes a daily
newspaper. A 52-week subscription sells for $260. Assume that CDT sells 100 subscriptions on
January 1. None of the subscriptions are cancelled as of March 31.
a. Prepare a journal entry to record the receipt of the subscriptions on January 1.
b. Prepare a journal entry to record one week of earned revenue on March 25.
Homework Answers
a.
Journal
|
Date |
Account Title and Explanation |
Debit |
Credit |
| Jan. 1 | Cash | 26,000 | |
| Unearned subscription revenue | 26,000 |
b.
Journal
|
Date |
Account Title and Explanation |
Debit |
Credit |
| Mar. 25 | Unearned subscription revenue | 500 | |
| Subscription revenue | 500 |
subscription revenue for 1 week = 260 x 100 x 1/52
= $500
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