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Determine what the current account balance should equal

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Caden started a new publication called Contest News. Its subscribers pay $36 to receive 12 monthly issues. With every new subscriber, Caden debits Cash and credits Unearned Subscription Revenue for the amounts received. The company has 100 new subscribers as of July 1. It sends Contest News to each of these subscribers every month from July through December.

Assume no changes in subscribers, prepare the year-end journal entry that Caden must make as of December 31 to adjust

Problem 1: Determine what the current account balance equals.

Problem 2: Determine what the current account balance should equal.

Reference no: EM132756673

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