4. The unadjusted trial balance showed on December 31, 2018. Subscription Revenue of P390000. Amagazine subscription costs P100 monthly and is payable in advance either quarterly or semi-anually.Deliveries are made on or before the 15th of the month. A review of the subcription contracts revealed thefollowing.No. of QuartelySubscription DateSept. 1Oct. 1Nov. 1No. of Semi-Annual SubcriptionSubcriptions100100200100300150Required:a. Give the adjusting entry on December 31, 2018b. Set up T accounts Subscription Income (start with the balance of P390000) and Unearned SubscriptionIncome (start with zero balance). Post the adjusting entry and financial statements determine the adjustedbalances that should be presented in the

Unearned Subscription Revenue is the amount received by the business enterprises for the magazines…

4. The unadjusted trial balance showed on December 31, 2018. Subscription Revenue of P390000. A magazine subscription costs P100 monthly and is payable in advance either quarterly or semi-anually. Deliveries are made on or before the 15th of the month. A review of the subcription contracts revealed the following. Subscriptio n Date Sept. 1 Oct. 1 Nov. 1 No. of Quartely Subcriptions 100 No. of Semi-Annual Subcription 100 200 100 300 150 Required: a. Give the adjusting entry on December 31, 2018 b. Set up T accounts Subscription Income (start with the balance of P390000) and Unearned Subscription Income (start with zero balance). Post the adjusting entry and financial statements determine the adjusted balances that should be presented in the

4. The unadjusted trial balance showed on December 31, 2018. Subscription Revenue of P390000. A magazine subscription costs P100 monthly and is payable in advance either quarterly or semi-anually. Deliveries are made on or before the 15th of the month. A review of the subcription contracts revealed the following. Subscriptio n Date Sept. 1 Oct. 1 Nov. 1 No. of Quartely Subcriptions 100 No. of Semi-Annual Subcription 100 200 100 300 150 Required: a. Give the adjusting entry on December 31, 2018 b. Set up T accounts Subscription Income (start with the balance of P390000) and Unearned Subscription Income (start with zero balance). Post the adjusting entry and financial statements determine the adjusted balances that should be presented in the

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 14EB: Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on...

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Question

4. The unadjusted trial balance showed on December 31, 2018. Subscription Revenue of P390000. A
magazine subscription costs P100 monthly and is payable in advance either quarterly or semi-anually.
Deliveries are made on or before the 15th of the month. A review of the subcription contracts revealed the
following.
No. of Quartely
Subscriptio
n Date
Sept. 1
Oct. 1
Nov. 1
No. of Semi-Annual Subcription
Subcriptions
100
100
200
100
300
150
Required:
a. Give the adjusting entry on December 31, 2018
b. Set up T accounts Subscription Income (start with the balance of P390000) and Unearned Subscription
Income (start with zero balance). Post the adjusting entry and financial statements determine the adjusted
balances that should be presented in the

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3. The unadjusted trial balance showed on December 31, 2018 Subscription Revenue of P390,000. A magazine subscription costs P100 monthly and is payable in advance either quarterly or semi-annually. Deliveries are made on or before the 15th of the month. A review of the subscription contracts revealed the following: No. of Quarterly Subscriptions No. of Semi-Annual Subscription Date Subscription September 1 October 1 100 100 200 100 November 1 300 150 Required: Give the adjusting entry on December 31, 2018. b. Set up T accounts for Subscription Income (start with the balance of P390,000) and Unearned Subscription Income (start with zero balance). Post the adjusting entry and determine the adjusted balances that should be presented in the financial statements.
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