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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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8 years ago
A company received $5,000 for 100 one-year subscriptions on July 1. The journal entry to record this cash receipt would include a ________. The company uses a liability account for revenue received in advance.
A) debit to Prepaid Expenses for $5,000
B) debit to Note Payable for $5,000
C) credit to Accounts Payable for $5,000
D) credit to Unearned Revenue for $5,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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TanksTanks
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8 years ago
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H3Ko Author
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#2
8 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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