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During December 2016 Apartment Publishing sold 2500 12-month annual magazine subscriptions at a rate of $20 each. The first issues were mailed in February 2017. Prepare the entries on Apartment's books to record the sale of the subscriptions and the mailing of the first issues.
On May 03, 2024
December 2016 Cash 50,000 Unearned Subscription Revenue50,000 (2,500×$20=$50,000) February 2017 Unearned Subscription Revenue4,167 Subscription Revenue 4,167 ($50,000÷12=$4,167) \begin{array}{llr} \text { December 2016 } & \text { Cash } &50,000\\& \text { Unearned Subscription Revenue} &&50,000\\ &\text { \((2,500 \times \$ 20=\$ 50,000)\) } &\\\\ \text {February 2017 } & \text { Unearned Subscription Revenue} &4,167\\ &\text { Subscription Revenue } &&4,167\\& \text { \( (\$ 50,000 \div 12=\$ 4,167) \) } &\\\end{array} December 2016 February 2017 Cash Unearned Subscription Revenue (2,500×$20=$50,000) Unearned Subscription Revenue Subscription Revenue ($50,000÷12=$4,167) 50,0004,16750,0004,167