The Publishers of 'Guide to the Stock Market',a Magazine Published

Multiple Choice

The publishers of 'Guide to the Stock Market',a magazine published monthly,received $121 in advance,including $11 GST on 1 March,for a 1 year's subscription 11 issues) beginning with the March issue.On receipt of the subscription which entry will the company make?

A) Debit Cash $121; credit Subscriptions Income $121
B) Debit Cash $121; credit GST Collections $11,credit Unearned Subscriptions liability) $110
C) Debit Cash $121; credit GST Collections $11,credit Subscriptions Received in Advance asset) $110
D) Debit Cash $110; credit Subscriptions Income $110