Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 19 - No. 37)
If a club's subscriptions in advance at the beginning of the year were $500 and at the end of the year were $700, how would it affect the subscriptions income?
Increase by $200.
Decrease by $200.
Increase by $1200.
Decrease by $1200.
Explanation
Subscriptions income = cash + subscriptions advanced at the beginning - subscriptions advanced at the end.
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