A Company Received $5,000 for 100 One-Year Subscriptions on July

question 66

Multiple Choice

A company received $5,000 for 100 one-year subscriptions on July 1. The journal entry to record this cash receipt would include a:

• A)credit to Accounts Payable for $5,000.
• B)debit to Prepaid Expenses for $5,000.
• C)credit to Unearned Revenue for $5,000.
• D)debit to Note Payable for $5,000.

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Definitions:

Proposed Schedule

A planned timeline for activities or events, awaiting approval or finalization.

Capital Account Balances

The amounts recorded in the capital accounts of a company or partnership, reflecting owners' contributions and the accumulated profits or losses.