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What amount should be reported as unearned subscription

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Reference no: EM132919746

Kiyak Publishing Ltd. sells magazine subscriptions for a 1-year, 2-year, or 3-year period. Cash receipts from subscribers are credited to unearned subscription revenue, and this account had a balance of $1,700,000 on January 1, 2009.

Below is the year ended December 31, 2009 data:

Cash receipts from subscribers = $2,100,000
Subscription revenue credited on December 31, 2009 = 1,500,000

Problem 1. On December 31, 2009, what amount should be reported as unearned subscription revenue?

Reference no: EM132919746

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