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ivanhoe company Ltd publishes a monthy sports magazine, fishing preview. subscriptions to the magazine cost $28 per year. during november 2022, ivanhoe sells 6,000 subscriptions for cash, beginning with the december issue. ivanhoe prepares financial statements quarterly and recognizes subcription revenue at the end of the quartee. the company uses the accounts unearned subcription revenue and subscription revenue. the company has a december 31 year end
Date Account Titles and Explanation Debit Credit Nov. Prepare the adjusting entry at December 31, 2022, to record subscriptio
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Nov 168,000 Cash |168,000 Unearned subscription revenue (6,000*28) Unearned subscription revenue 14,000 Dec 31 14,000 Subscri

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