5. SHOCKER Publication sells magazine subscriptions for a 1-year, 2-year or 3-year period. Cash receipts from subscribers are credited to unearned subscription revenue and this account had a balance of P 1,700,000 on January 1, 2021. The entity provided the following information for the year ended December 31, 2021: Cash receipts from subscribers Subscription revenue credited on December 31, 2021 2,300,000 1,500,000 On December 31, 2021, what amount should be reported as unearned subscriptions revenue?
5. SHOCKER Publication sells magazine subscriptions for a 1-year, 2-year or 3-year period. Cash receipts from subscribers are credited to unearned subscription revenue and this account had a balance of P 1,700,000 on January 1, 2021. The entity provided the following information for the year ended December 31, 2021: Cash receipts from subscribers Subscription revenue credited on December 31, 2021 2,300,000 1,500,000 On December 31, 2021, what amount should be reported as unearned subscriptions revenue?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
This lesson is under non-financial liabilities.
Transcribed Image Text:5. SHOCKER Publication sells magazine subscriptions for a 1-year, 2-year or 3-year period.
Cash receipts from subscribers are credited to unearned subscription revenue and this
account had a balance of P 1,700,000 on January 1, 2021. The entity provided the
following information for the year ended December 31, 2021:
Cash receipts from subscribers
Subscription revenue credited on December 31, 2021
2,300,000
1,500,000
On December 31, 2021, what amount should be reported as unearned subscriptions
revenue?
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