Question
An entity has the following balances of its unearned revenue account for magazine subscriptions in 2019: January 1 1,500,000 December 31 2,500,000 Cash receipts
An entity has the following balances of its unearned revenue account for magazine subscriptions in 2019: January 1 1,500,000 December 31 2,500,000 Cash receipts from subscribers are credited to unearned revenue and this account had a balance of P1,840,000 as of December 31, 2020. Subscriptions received totaled P3,250,000 and P2,740,000 in 2019 and 2020, respectively. Determine cumulative revenue realized from subscriptions for 2019 and 2020. O 4,900,000 O 5,650,000 O 4.660.000 5,990.000
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Intermediate Accounting Reporting and Analysis
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
3rd edition
9781337909402, 978-1337788281
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