(Solved by Humans)-Your Turn 3-3 Out of 12 months of magazines, 7 months have been delivered at December 31. That...
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Your Turn 3-3 Out of 12 months of magazines, 7 months have been delivered at December 31. That means 7/12 of the $300,000 collected in advance has actually been earned by December 31. When the cash was collected, the recognition of the revenue was deferred-put off or postponed because it had not been earned. At December 31, the company recognizes $175,000 worth of revenue. That means it will put $175,000 worth of revenue on the income statement and reduce the liability unearned revenue on the balance sheet.
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This question was answered on: 10 May, 2025
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