DeVry University ISC2 Upcoming Annual Period Worksheet
Question Description
I’m working on a Accounting multi-part question and need an explanation to help me understand better.
We are a membership association where our members are billed annually $125 for the upcoming annual period (membership term 2/1/20-1/31/21). What does the general ledger look like – please provide journals for the following (accrual method of accounting):
a. ISC2 invoices the member on 1/1/20
b. ISC2 receives payment from the member on 1/31/20
c. Recognition of membership revenue in Jan and Feb 2020
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