On October 1, 20X1, Sycamore sold 1,000 two-year subscriptions for $100 each. The total amount received...
On October 1, 20X1, Sycamore sold 1,000 two-year subscriptions for $100 each. The total amount received was credited to Deferred
Subscriptions Revenue. Assume revenue is recognized ratably over each subscription. Prepare the necessary adjusting entry at December
31, 20X1. (1.5 points)
Group of answer choices
Deferred Subscriptions Revenue $25,000
Subscriptions Revenue $25,000
Deferred Subscriptions Revenue $12,500
Subscriptions Revenue $12,500
Deferred Subscriptions Revenue $100,000
Subscriptions Revenue $100,000
Subscriptions Revenue $25,000
Deferred Subscriptions Revenue $25,000
Homework Answers
Number of subscription sold = 1,000
Price per subscription = $100
Total subscription revenue received for 2 years = Number of subscription sold x Price per subscription
= 1,000 x 100
= $100,000
Subscription revenue for 3 months (from October 1 to December 31, 2001) = 100,000 x 3/24
= $12,500
On December 31, 2001 the following adjusting entry will be made:
| General Journal | Debit | Credit |
| Deferred subscription revenue | $12,500 | |
| Subscription revenue | $12,500 |
Second option is correct.
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