The publishers of 'Guide to the Stock Market',a magazine published monthly,received $121 in advance,including $11 GST on 1 March,for a 1 year's subscription 11 issues) beginning with the March issue.On receipt of the subscription which entry will the company make?
A) Debit Cash $121; credit Subscriptions Income $121
B) Debit Cash $121; credit GST Collections $11,credit Unearned Subscriptions liability) $110
C) Debit Cash $121; credit GST Collections $11,credit Subscriptions Received in Advance asset) $110
D) Debit Cash $110; credit Subscriptions Income $110
Correct Answer:
Verified
Q17: Tan Traders received a $750 advance payment
Q18: The wages expense account for Gerry
Q19: X Co's employees carry out work to
Q20: On July 1 2011 the Pepper Diner
Q23: Under the _ basis of accounting,income is
Q24: The c_ basis of accounting is not
Q25: Goodwill is classified in the balance sheet
Q26: Accumulated depreciation is referred to as a
Q27: The current liability is:
A)Accrued Delivery Expenses
B)Accounts Receivable
C)Electricity
Q46: The capital account of a sole trader
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents