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Debit Cash
Credit Deferred (or unearned) Revenue - Subscription Sales
As the subscriptions are fulfilled - if the total amount of a subscription for 12 (monthly) magazines is 120.00 then each month:
Debit Deferred Revenue - Subscription Sales for 10.00
Credit Subscription Sales for 10.00
(Deferred Revenue is a liability account)
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∙ 15y ago
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Why some authors says that sales are nominal account?
no sales is not a nominal account. because nominal account says" debit all expenses and credit all income and gain account. " all things which are tangible is call real account. u can touch the goods..Land and Buildings; and Office Machinery A nominal account is account for income and expenses e.g Rent and rates account or subscription account.
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false
