Question
Question 2: On September 1, 2020, The Times newspaper sold 20,000 subscriptions which represents two years subscriptions in advance. The Times newspaper collected $ 210
Question 2: On September 1, 2020, The Times newspaper sold 20,000 subscriptions which represents two years subscriptions in advance. The Times newspaper collected $ 210 cash per subscription.
1- Calculate the amount of Unearned Revenues as of September 1, 2020?
2- Calculate the amount of Revenues that will exist in the Income Statement for the period ending December 31, 2020?
3- Calculate the amount of Unearned Revenues that will exist in the Balance Sheet as of December 31, 2020?
4- Calculate the amount of Revenues that will exist in the Income Statement for the year ending December 31, 2021?
5- Calculate the amount of Unearned Revenues that will exist in the Balance Sheet as of December 31, 2021?
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Principles Of Managerial Accounting
Authors: James M. Reeve
1st Edition
0324640625, 978-0324640625
