A Blue Moon Publishing sold 12 month subscriptions of its new magazine at a subscription rate of $18 each....
| A | Blue Moon Publishing sold 12 month subscriptions of its new magazine | |||
| at a subscription rate of $18 each. | ||||
| Number of subscriptions sold by December 31, 2019 | 3,000 | |||
| INSTRUCTIONS: Prepare the journal entries to record the sale of the subscriptions | ||||
| on December 31, 2019 and the mailing of the first issue of the magazine on | ||||
| January 15, 2020. | ||||
Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Dec 31 | Cash (3000*18) | 54000 | |
| Unearned subscription revenue | 54000 | ||
| (To record unearned subscription revenue) | |||
| Jan 15 | Unearned subscription revenue (54000/12) | 4500 | |
| Subscription revenue | 4500 | ||
| (To record revenue) | |||
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