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On 1 November 2022 the publishers of 'Home' magazine received $198 (including GST) in advance for a 12-month subscription to their monthly issue. Which is
On 1 November 2022 the publishers of 'Home' magazine received $198 (including GST) in advance for a 12-month subscription to their monthly issue. Which is the correct entry to be recorded on receipt of the subscription? DR Cash $198; CR Subscriptions income $198 DR Cash $180; CR Subscriptions income $180 DR Cash $198; CR GST payable $18, CR Unearned subscriptions (liability) $180 DR Cash $198; CR GST payable $18, CR Prepaid subscriptions (asset) $180
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