Pages,IncReceives Subscription Payments for Annual (One Year)subscriptions to Its Magazine

question 65

Multiple Choice

Pages,Inc.receives subscription payments for annual (one year) subscriptions to its magazine.Payments are recorded as revenue when received.Amounts received but unearned at the end of each of the last three years are shown below. Pages failed to record the unearned revenues in each of the three years.The entry needed to correct the above errors is

• A) Retained Earnings ..................150,000 Subscription Revenues ..............26,000 Unearned Revenues ...............176,000
• B) Retained Earnings ..................30,000 Subscription Revenues ..............26,000 Unearned Revenues ...............56,000
• C) Subscription Revenues ..............176,000 Unearned Revenues ...............176,000
• D) Subscription Revenues ..............150,000 Retained Earnings ..................26,000 Unearned Revenues ...............176,000

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Definitions:

Belongingness

Belongingness is the human emotional need to be an accepted member of a group, whether it is family, friends, co-workers, or any other social group.

Navigational Capital

The skills and knowledge necessary to navigate through social institutions or barriers, often within the context of education or employment.

Linguistic Capital

Linguistic capital refers to the advantages and potential for power and influence that accrue to individuals through proficiency in valued languages or dialects.

Familial Capital

Refers to the resources, strengths, and advantages that families possess, including cultural knowledge, social networks, and emotional support.