Question
1.Prepaid Insurance $9 800. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on
1.Prepaid Insurance $9 800. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on 1 July 2011, for $6 000. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on 1 January 2012 for $4 800. This policy has a term of 2 years. 2.Unearned Subscriptions $49 000. The company began selling magazine subscriptions in 2012 on an annual basis. The magazine is published monthly. The selling price of a subscription is $50. A review of subscription contracts reveals the following
Subscription | Number of |
Date | Subscriptions |
1 October | 200 |
1 November | 300 |
1 December | 480 |
980 |
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