Question
On April 1, Goliath Publishing Company received $1,548 from ABAC Farms, Inc. for 36-month subscriptions to several different magazines. The company credited Unearned Fees for
On April 1, Goliath Publishing Company received $1,548 from ABAC Farms, Inc. for 36-month subscriptions to several different magazines. The company credited Unearned Fees for the amount received and the subscriptions started immediately. Assuming adjustments are only made at year-end, What is the adjusting entry that should be recorded by Goliath Publishing Company on December 31 of the second year?
Question 6 options:
| debit Unearned Fees, $1,548; credit Fees Earned, $1,548. | |
| debit Unearned Fees, $516; credit Fees Earned, $516. | |
| debit Unearned Fees, $1,161; credit Fees Earned, $1,161. | |
| debit Unearned Fees, $129; credit Fees Earned, $129. | |
| debit Unearned Fees, $387; credit Fees Earned, $387. |
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Financial Accounting in an Economic Context
Authors: Jamie Pratt
8th Edition
9781118139424, 9781118139431, 470635290, 1118139429, 1118139437, 978-0470635292
