Student loan – 2500$ Balance chequing XXXXXXXXXX$ Automobile – 300$/m Balance on loan (lease) – remaining 22 months Computer and access – 1500$ Clothes and furniture – 3500$ Balance on cc – 550$...

Solution BYP3.2:
a. The entity has received unearned revenue in advance for various services. When the company provides monthly subscription services, then the entity should recognize the revenue for monthly subscription fee when the services are provided. Regarding monthly subscription charges, the services are accrued in every month and the company recognizes the revenue in every month for monthly subscription which includes all monthly subscription charges.
b. The entity should record unearned revenue for subscription charges if the revenue is realized in current month for the subscriptions for future months which are not due in the current month. Basically, the amount received in advance for future subscription months should be recognized as unearned revenue in liability side. The revenue related to Blue Jays home game admission should be recognized as unearned revenue when the amount is...