Multiple Choice Question 128

Concord Corporation typically sells subscriptions on an annual basis, and publishes 6 times a year. The magazine sells 72000 subscriptions in January at $8 each. What entry is made in January to record the sale of the subscriptions?

A. Prepaid Subscriptions 576000 Cash 576000

B. Cash 576000 Unearned Subscription Revenue 576000

C. Subscriptions Receivable 96000 Unearned Subscription Revenue 96000

D. Subscriptions Receivable 576000 Subscription Revenue 576000