ACCT 301-Essay style question – On July 1, 20X7, Vasquez Publishing Company

Essay style question – On July 1, 20X7, Vasquez Publishing Company sold 1,000 two-year subscriptions to a

monthly magazine. The subscriptions sold for $18 each. The first issue was mailed at

the end of July. What is the proper balance sheet disclosure regarding this transaction

for Vasquez at December 31, 20X7?