Royce Company sells magazine subscriptions of one to three year periods. Cash receipts from subscribers are credited to magazine subscriptions collected in advance, and this account had a balance of P2,400,000 on December 31, 2020 before year end adjustment. Outstanding subscriptions on December 31, 2020 expire as follows: During 2021 During 2022 P 600,000 900,000 400,000 During 2023 On December 31, 2020, what amount should Royce report as unearned subscription revenue?

Royce Company sells magazine subscriptions of one to three year periods. Cash receipts from subscribers are credited to magazine subscriptions collected in advance, and this account had a balance of P2,400,000 on December 31, 2020 before year end adjustment. Outstanding subscriptions on December 31, 2020 expire as follows: During 2021 During 2022 P 600,000 900,000 400,000 During 2023 On December 31, 2020, what amount should Royce report as unearned subscription revenue?

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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