Time Magazine requires subscribers to its magazine to pay for at least one year\

Question

Time Magazine requires subscribers to its magazine to pay for at least one year's subscription before the company sends magazines. At year-end, the company records an adjusting journal entry to record the amount of revenue it has earned based on the magazines sent out during the year. This journal entry will include which of the following?

a. dr. unearned revenue

b. cr. accounts receivable

c. cr. cash

d. dr. cash

e. cr. unearned revenue

a. dr. unearned revenue

b. cr. accounts receivable

c. cr. cash

d. dr. cash

e. cr. unearned revenue

Explanation / Answer

C) Cr. Cash

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