Listed below are seven corporations that receive cash from customers prior to earning revenue:
America West Corporation (airline)
The New York Times Company (newspaper)
Carnival Corporation (cruise company)
Devry, Inc. (for-profit technical college)
Clear Channel Communications, Inc. (radio broadcasting)
AFLAC Incorporated (health insurance)
Bally Total Fitness Corporation (fitness club)
a. Listed below are the accounts used by these corporations to report unearned revenue:
Deferred Advertising Income | Unearned Premiums |
Air Traffic Liability | Unexpired Subscriptions |
Deferred Member Revenues | Deferred Tuition Revenue |
Customer Deposits |
|
Match each corporation with the account title it uses to report unearned revenue.
b. Apply the realization principle to explain when each of these corporations converts unearned revenue to earned revenue.
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