How would you account for this? change


Question: John Pickens writes mystery novels. His publisher pays him royalties for the number of books sold each year. He is paid royalties for the first half of the year on September 30 and the second half of the year on March 31 of the following year. He received? $42,000 in? September, 2022. The publisher estimated that his royalties for the second half of the year would be? $53,000. On March? 31, 2023, he received? $57,500. Assuming that he recorded? $53,000 in royalties at December? 31, 2022, how would you account for this? change?

 

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Accounting Basics: How would you account for this? change
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