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Make the adjusting entry at march to record subscription

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Reference no: EM133002874

Sunland Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2017, Sunland sells 10,980 subscriptions for cash, beginning with the December issue. Sunland prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end.

Problem 1: Make the adjusting entry at March 31, 2018, to record subscription revenue in the first quarter of 2018.

Reference no: EM133002874

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