Daily Printings sold annual subscriptions to their magazine for $30,000 in December, 2013. The magazine is published monthly. The new subscribers received their first magazine in January, 2014.
1. What adjusting entry should be made in January if the subscriptions were originally recorded as a liability?
2. What amount will be reported on the January 2014 statement of financial position for Unearned Subscription Revenue?

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The Answer of Daily Printings sold annual subscriptions to their magazine for $30,000 in December, 2013. The magazine is published monthly. The new subscribers received their first magazine in January, 2014.
1. What adjusting entry should be made in January if the subscriptions were originally recorded as a liability?
2. What amount will be reported on the January 2014 statement of financial position for Unearned Subscription Revenue?

Daily Printings Sold Annual Subscriptions to Their Magazine for $30,000