After a successful drive aimed at members of a specific national association, Online Publishing Company received...

After a successful drive aimed at members of a specific national association, Online Publishing Company received a total of $180,000 for 3-year subscriptions beginning April 1 and recorded this amount in the unearned revenue account. Assuming Online records adjustments only at the end of the calendar year, the adjusting entry required to reflect the proper balances in the accounts at December 31 is to:

Debit subscription revenue for $135,000 and credit unearned revenue for $135,000.
Debit unearned revenue for $135,000 and credit subscription revenue for $135,000.
Debit subscription revenue for $45,000 and credit unearned revenue for $45,000.
Debit unearned revenue for $45,000 and credit subscription revenue for $45,000.

Expert Solution

ekkarill92 answered 2 years ago

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