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11 July, 01:03

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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  1. 11 July, 02:37
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    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.
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