During august of 2011 nickle publishing received $24,000 for 1-year subscriptions to a new magazine. magazines are mailed to subscribers each month, starting in september of 2011. what adjusting entry should nickle make on dec. 31, 2011?

Debit Unearned/Deferred revenue  $8,000

Credit Sales revenue (p/l)                  $8,000

Being entries to recognized earned revenue for the period

Explanation:

August of 2011, 1 year subscription of $24,000

Revenue earned per month = $24,000/12 = $2,000

Revenue earned (between September and December) = $2,000 × 4

                                                                                           = $8,000

To recognize this, adjusting entries required on Dec. 31, 2011

Debit Unearned/Deferred revenue  $8,000

Credit Sales revenue (p/l)                  $8,000

Being entries to recognized earned revenue for the period

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