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On August 1, Savitri Agency received a payment of Rp1,320,000 to subscribe to the magazine "Kala"...

On August 1, Savitri Agency received a payment of Rp1,320,000 to subscribe to the magazine "Kala" for one year on behalf of Mr. Permanto. You are requested to keep a journal on 1 August and 31 December 2015 linked to this transaction.

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Date Account Debit Credit
Aug 1 Cash           1,320,000
     Deferred Revenue           1,320,000
(To record advance received for suscription of magazine)
Dec 31 Deferred Revenue               550,000
     Subscription Revenue               550,000
(To record revenue earned for 5 months - Aug to Dec) 1,320,000/12*5
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