This exercise will illustrate the accounting for unearned revenue.
Soap Opera Summarized is published by Viewer Publishers. Subscriptions to the magazine are sold for a one-year, two-year, or three-year period. Cash receipts from subscribers are credited to Unearned Subscription Revenue, and this account had a balance of $3,000,000 at December 31, 2014, before adjustment. Outstanding subscriptions at December 31, 2014, expire as follows:
|
During 2015 |
$600000 |
|
During 2016 |
400000 |
|
During 2017 |
300000 |
|
Total |
$1300,000 |
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