During December 2018, Nova Company sold 100,000, 12-month subscriptions at the rate of $30 each. Prepare...
During December 2018, Nova Company sold 100,000, 12-month subscriptions at the rate of $30 each. Prepare the entries on Nova Company to record the sale of the subscriptions and the mailing of the first issues.
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Homework Answers
| Date | account and explanation | Debit | credit |
| Cash (100000*30) | 3000000 | ||
| Unearned subscription revenue | 3000000 | ||
| (To record unearned revenue) | |||
| Unearned subscription revenue (3000000/12) | 250000 | ||
| Subscription revenue | 250000 | ||
| (To record first issue) |
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