FINANCIAL ACCOUNTING LOOSELEAF
FINANCIAL ACCOUNTING LOOSELEAF
2nd Edition
ISBN: 9781119493631
Author: Kimmel
Publisher: WILEY
Question
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Chapter 10, Problem 10.10E

(a)

To determine

Unearned revenue

It is an advance made by the buyer before receiving the product or service. In upcoming period seller will have an obligation to provide goods or perform the services to the buyer for the payment already received. It is a current liability until the goods are delivered or the service is performed.

To prepare: The journal entry to record the receipts of the subscriptions for Company C.

(b)

To determine

To prepare: The adjusting journal entry to record subscription revenue recogniztion as on 31st December 2017.

(c)

To determine

To prepare: The adjusting journal entry to record subscription revenue recogniztion as on 31st December 2017.

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Chapter 10 Solutions

FINANCIAL ACCOUNTING LOOSELEAF