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What balance for unearned subscription revenues should be

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WIN.com sells one-year and two-year subscriptions for its electronic book-of-the month download business. Subscriptions are collected in advance and credited to sales. An analysis of the recorded sales activity revealed the following:

                             2018                 2019

Sales                       P420,000       P500,000

Less: Cancellations      20,000           30,000

Net Sales                 P400,000         P470,000

Subscriptions Expirations:

2018 P120,000

2019 155,000 P130,000

2020 125,000 200,000

2021 140,000

P470,000

Problem 1: In WIN.com's Dec. 31, 2019 balance sheet, the balance for unearned subscription revenues should be

a. P470,000.

b. P465,000.

C.P400,000.

d. P340,000.

Reference no: EM132789563

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