Question
LNTE company received $12,000 on March 1, 2019 for magazine subscriptions to be fulfilled during 2019 and 2020. Assume that as of the end of
LNTE company received $12,000 on March 1, 2019 for magazine subscriptions to be fulfilled during 2019 and 2020. Assume that as of the end of 2019, the company has fulfilled 60% of the subscription.
What are the journal entries on March 1, 2019?
What is the adjusting entry on December 31, 2019?
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Accounting for Governmental and Nonprofit Entities
Authors: Jacqueline Reck, Suzanne Lowensohn, Earl Wilson
17th edition
78025826, 978-1259564239, 1259564231, 978-0078025822
