Sports Illustrated received $120,000 in cash for two year (24 issues) magazine subscriptions on August...
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Accounting
Sports Illustrated received $120,000 in cash for two year (24 issues) magazine subscriptions on August 1, 2012. Sports Illustrated prepares yearly financial statements on December 31, 2012.
1. Calculate the balance in the Unearned Subscription Revenue account on December 31, 2012.
2. Prepare the journal entry for the receipt of cash on August 1, 2012.
3. Prepare the adjusting journal entry on December 31, 2012
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