Post the journal entry and adjusting entry to the accounts

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Reference no: EM131814837

Question: Journalizing and posting an adjusting entry for unearned revenue Southern Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period. Requirements

1. Record the journal entry to record the original receipt of $150,000 cash.

2. Record the adjusting entry that Southern Magazine makes to record earning $9,000 in subscription revenue that was collected in advance.

3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances after adjustments. (Ignore the Cash account.)

Reference no: EM131814837

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