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28 September, 11:49

In December 2020, Quebecor Printing received magazine subscriptions for 2021 from customers, who paid $570 in cash. What would be the appropriate journal entry for this event in December 2020?

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  1. 28 September, 11:57
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    See explanation section

    Explanation:

    December 2020 Cash Debit $570

    Unearned revenue Credit $570

    Since Quebecor Printing received cash, cash account is debit with the same amount of money they received. Again, as customers paid in advance, it is a liability for the company. Moreover it is an advanced revenue, so "unearned revenue" is a credit.
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Home » Business » In December 2020, Quebecor Printing received magazine subscriptions for 2021 from customers, who paid $570 in cash. What would be the appropriate journal entry for this event in December 2020?
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