Subscription Received In Advance Journal Entry
Su b scriptio n received in advance is a Current Liab ility as it shows that amou nt of Revenue w h ic h is received in advance w hich is actually not earned for t he period b y the orga nization as t he goods or services are still not delivered or rendered agai nst t he amou nt received. T he orga nization recognizes sub scriptio n received in advance as Unearned Revenue according to Accrual Basis of Accounting . T he adjusti ng entry to record sub scriptio n received in advance is s how n b elow: Su b scriptio n a/c XXX Sub scriptio n Received In Advance a/c .XXX ...