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    jlford19's Avatar
    jlford19 Posts: 6, Reputation: 1
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    #1

    Feb 18, 2007, 09:07 PM
    Adjusted Entries For Unearned Revenuezs
    Hi I am new to this site and I really need some help on a couple of homework ?'s 1. Green mountain company, publishes a monthly magazine featuring local restaurant reviews. Subscribers pay for the subscriptions either one year or two years in advance. Cash received from subscribers is credited to an account called magazine subscriptions received in advance. On Dec. 31, 2003, the end of the fiscal year. The balance of the account was 1,000,000. Expiration of subscribtions revenue is as follows, During 2003 200,000, During 2004 500,000, During 2005, 300,000. Prepare the adjusted entry in journal form for December 31,2003. If anyone could help me that would be great thank you so much:)
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Feb 18, 2007, 10:44 PM
    Of that 1,000,000, we are told that $200,000 has been earned in 2003.

    Therefore,
    Dr. magazine subscriptions received in advance 200,000
    Cr. Revenue 200,000
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