(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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Academic Level: Undergrad. (yrs 3-4)

Paper Format: APA

Pages: 5 Words: 1375

Question

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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