Please help me with correct work, I will rate you Life saver. Real Losers, a die
ID: 2345309 • Letter: P
Question
Please help me with correct work, I will rate you Life saver.
Real Losers, a diet magazine, collected $360,000 in subscription revenue in May. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting. By the end of December, how much Subscription revenue has been earned?Explanation / Answer
2,000 per week (5 working days Monday –Friday)so 2000/5=400 per day==> 400*4=1600 (Monday-Thursday). Do the entry below for accrual adjustment DR. Salaries Expenses 1600 Cr. Salaries Payable 1600 So answer is D