Liberty Company sent a check for $48 to Wine Digest magazine on May 1 for a one year subscription. If Liberty's financial year ends on September 30, their financial statements will report:Select one:a. Prepaid Subscription of $18, and Subscription Expense of $18b. Prepaid Subscription of $12, and Subscription Expense of $24c. Prepaid Subscription of $28, and Subscription Expense of $20d. Prepaid Subscription of $24, and Subscription Expense of $12

Solution- In that question liberty gives $48 on may 1 and end their financial year sep 30. its means…

Liberty Company sent a check for $48 to Wine Digest magazine on May 1 for a or Select one: O a. Prepaid Subscription of $18, and Subscription Expense of $18 O b. Prepaid Subscription of $12, and Subscription Expense of $24 O C. Prepaid Subscription of $28, and Subscription Expense of $20 o d. Prepaid Subscription of $24, and Subscription Expense of $12

Liberty Company sent a check for $48 to Wine Digest magazine on May 1 for a or Select one: O a. Prepaid Subscription of $18, and Subscription Expense of $18 O b. Prepaid Subscription of $12, and Subscription Expense of $24 O C. Prepaid Subscription of $28, and Subscription Expense of $20 o d. Prepaid Subscription of $24, and Subscription Expense of $12

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please read the questions carefully the First question is asking for journal entry.
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