question archive Capital, a business magazine, collected $480,000 in subscription revenue on May 31
Capital, a business magazine, collected $480,000 in subscription revenue on May 31
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Capital, a business magazine, collected $480,000 in subscription revenue on May 31. Capital earns a minimum of $351,000 from the buyers who are not the subscribers. 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. What is the balance in the Unearned Revenue account on December 31?
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