On October 1, 2019, Paige Turner Publishing received $60,600 in cash for subscriptions covering one year, recording the entry as a debit to Cash and a credit to Unearned Subscriptions. The correct adjusting entry at December 31, 2019, is
-Debit Unearned Subscriptions $5,050; credit Subscriptions Income $5,050.
-Debit Unearned Subscriptions $15,150; credit Subscriptions Income $15,150.
-Debit Unearned Subscriptions $60,600; credit Subscriptions Income $60,600
-Debit Subscriptions Income $15,150; credit Unearned Subscriptions $15,150.
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Home » Business » On October 1, 2019, Paige Turner Publishing received $60,600 in cash for subscriptions covering one year, recording the entry as a debit to Cash and a credit to Unearned Subscriptions.