Answered

Discover the answers you need at Westonci.ca, a dynamic Q&A platform where knowledge is shared freely by a community of experts. Get accurate and detailed answers to your questions from a dedicated community of experts on our Q&A platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

On April 1, Griffith Publishing Company received $27,180 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

Sagot :

abiolataiwo2015

Answer:

Debit Unearned Fees, $6,795; credit Fees Earned, $6,795.

Explanation:

Based on the information given the appropriate adjusting entry that should be recorded by Griffith Publishing Company on December 31 of the first year will be :

Debit Unearned Fees $6,795

Credit Fees Earned $6,795

[$27,180/36 months*9 months]

April 1 to December 31=9 months

Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.