Tao Co. receives $10,000 cash in advance for four months of
legal services on October 1, 2016, and records it by debiting Cash and
crediting Unearned Revenue both for $10,000. It is now December 31, 2016, and
Tao has provided legal services as planned. What adjusting entry should Tao
make to account for the work performed from October 1 through December 31,
2016?
b. A. Caden started a new publication called Contest News.
Its subscribers pay $24 to receive 12 monthly issues. With every new
subscriber, Caden debits Cash and credits Unearned Subscription Revenue for the
amounts received. The company has 100 new subscribers as of July 1, 2016. It
sends Contest News to each of these subscribers every month from July through
December. Assuming no changes in subscribers, prepare the journal entry that
Caden must make as of December 31, 2016, to adjust the Subscription Revenue
account and the Unearned Subscription Revenue account.
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