QS 3-11 Adjusting for unearned revenues LO P1 For each separate case below, follow the three-step process for adjusting the unearned revenue labillity account at December 31. Step 1 Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the Decmber 31 adjusting entry to get from step 1 to step 2 Assume no other adusting entries are made during the year ting Cash and crediting Unearned Revenue both for $11,500. It is now December 31, 2017, and Tao has provided legal es as planned. What adjusting entry should Tao make to account for the work performed from October 1 through 31, 2017? Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 A. Caden started a new publication called Contest News. Its new subscriber, Caden debits Cash and credits Unearned Subscription Revenue for the amounts received. The y has 100 new subscribers as of July 1, 2017. It sends Contest News to each of these subscribers every month July through December. Assume no changes in subscribers, prepare the journal entry that Caden must make as of 31, 2017, to adjust the pay $41 to receive 12 monthly issues. With subscription Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2