Ask Question
BusinessBusiness
11 September, 19:41

On April 1, Griffith Publishing Company received $33,480 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The company credited Unearned Fees for the amount received and the subscriptions started immediately. Assuming adjustments are only made at year-end, what is the adjusting entry that should be recorded by Griffith Publishing Company on December 31 of the first year?

+5
Answers (1)
  1. 11 September, 20:03
    0
    The adjusting entry is as follows:

    On December 31

    Unearned revenue Dr $8,370

    To Fees earned $8,370

    (Being the unearned revenue is recorded)

    The computation is shown below:

    = Total 36 months subscription received amount : Given months

    = $33,480 : 36 months

    = $930

    So, for nine months, it is

    = $930 * 9 months

    = $8,370
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On April 1, Griffith Publishing Company received $33,480 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Shannon purchases a bond for $952.00. The bond matures in 3 years, and Shannon will redeem it at its face value of $1,000. Coupon payments are paid annually. If Shannon will earn a yield of 12%/year compounded yearly, what is the bond coupon rate?
Answers (1)
Jack recommends his new keurig coffee machine to his friend jill. jill buys her own keurig and loves it - studies show that she is now significantly more likely to recommend the keurig coffee machine to another person. what is this effect called?
Answers (1)
Give an example of a tariff. Use a primary source to give specifics about the amounts or percentages and your opinion on if it is good or bad for the United States (it may be a tariff on the United States or by the United States).
Answers (1)
Suppose foreigners spend $7 billion on american exports in a given year and americans spend $5 billion on imports from abroad in the same year. what is the amount of america's net exports?
Answers (1)
Cartel agreements are difficult to maintain because individual members True or False
Answers (1)
New Questions in Business
Suppose that the home country in the two-sector (manufacturing and agriculture) specific-factors model has a comparative advantage in manufacturing output. What will happen to the relative price of manufactured output when trade occurs?
Answers (1)
Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,900 uncollectible account of its customer, A. Hopkins.
Answers (1)
How is a gas different from a solid or a liquid? A. A gas is made of tiny particles. B. A gas has volume. C. A gas expands to fill the container. D. A gas has density. TY
Answers (1)
A business firm's interaction with the environment is a characteristic of an open system true or false
No Answers
Reynaldo has purchased a home with an assessed value of $195,000. The property tax rate in his area is 1.9%. What is his monthly tax payment?
Answers (1)
Home » Business » On April 1, Griffith Publishing Company received $33,480 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The company credited Unearned Fees for the amount received and the subscriptions started immediately.
Sign Up Forgot Password?