Multiple Choice
On April 1,Griffith Publishing Company received $1,548 from Santa Fe,Inc.for 36-month subscriptions to several different magazines.The company credited Unearned Fees for the amount received and the subscriptions started immediately.Assuming adjustments are only made at year-end,What is the adjusting entry that should be recorded by Griffith Publishing Company on December 31 of the second year?
A) debit Unearned Fees, $1,548; credit Fees Earned, $1,548.
B) debit Unearned Fees, $516; credit Fees Earned, $516.
C) debit Unearned Fees, $1,161; credit Fees Earned, $1,161.
D) debit Unearned Fees, $129; credit Fees Earned, $129.
E) debit Unearned Fees, $387; credit Fees Earned, $387.
Correct Answer:
Verified
Correct Answer:
Verified
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