When a customer pays for magazine subscriptions in advance, the journal entry involves a debit to which account for the publishing company?

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asked Jan 17, 2018 61.5k views

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Ponting · Answer 1 · 2018-01-22T09:30:21+0000

The answer will be obviously a debit to cash of how much the customer pays for the magazine. However, This is an advance payment so the company will have a liability to the customer to give the magazine to the date agreement.

When a customer pays for magazine subscriptions in advance, the journal entry involves a debit to which account for the publishing company?

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