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Adjusting Entries for Unearned Revenues

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Cash received from subscribers is credited to an account called magazines subscriptions received in advance. On December 31, 20x7, the end of the company's fiscal year, the balance of the account is $750,000. Expiration of subscriptions is as follows:

During 20x7 150,000
20x8 375,000
20x9 225000

Prepare the adjusting entries.

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Solution Summary

The expert examines adjusting entries for unearned revenues.

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General Journal
Date Details Debit Credit
Dec 31 Magazines subscriptions received in advance
Magazines subscriptions
(To record adjusting entry for magazines subscription earned in ...

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