Homework Answers
Journal entries
| Date | account and explanation | debit | credit |
| Nov | Cash (11840*15) | 177600 | |
| Unearned subscription revenue | 177600 | ||
| (To record receipt of subscription) | |||
| Dec 31 | Unearned subscription revenue (177600/12) | 14800 | |
| Subscription revenue | 14800 | ||
| (To record adjusting entry) | |||
| Mar 31 | Unearned subscription revenue (14800*3) | 44400 | |
| Subscription revenue | 44400 | ||
| (To record adjusting entry) | |||
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Principles o Accossting 2 (euS Oiole Company Ltd, pubishes a morthly sports magazne, Fishing Prevtew,Sucretions to...
Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28...
Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Blossom sells 5,100 subscriptions for cash, beginning with the December issue. Blossom prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end (a) Prepare the entry in November for the receipt of the subscriptions. (Credit account titles...
Ivanhoe Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28...
Ivanhoe Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Ivanhoe sells 6,000 subscriptions for cash, beginning with the December issue. Ivanhoe prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are...
Sunland Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20...
Sunland Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2017, Sunland sells 10,980 subscriptions for cash, beginning with the December issue. Sunland prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are...
ivanhoe company Ltd publishes a monthy sports magazine, fishing preview. subscriptions to the magazine cost $28...
ivanhoe company Ltd publishes a monthy sports magazine,
fishing preview. subscriptions to the magazine cost $28 per year.
during november 2022, ivanhoe sells 6,000 subscriptions for cash,
beginning with the december issue. ivanhoe prepares financial
statements quarterly and recognizes subcription revenue at the end
of the quartee. the company uses the accounts unearned subcription
revenue and subscription revenue. the company has a december 31
year end
Date Account Titles and Explanation Debit Credit Nov. Prepare the adjusting entry at December...
3. Moreno Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost RM20...
3. Moreno Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost RM20 per year. During November 2017, Moreno sells 15,000 subscriptions beginning with the December issue. Moreno prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. Required: (a) Prepare the entry in November for the receipt of the subscriptions. (b) Prepare the adjusting entry at December 31, 2017, to record...
Ocean Fishers Ltd had a 22.foot fishing boat with an inboard motor that was purchased on...
Ocean Fishers Ltd had a 22.foot fishing boat with an inboard motor that was purchased on April 9. 2009. for $121,500. The PPE Sub lodger shows the following information regarding the boat Fishing Boat - 22 Foot Wohnboard Motor: Component Date of Depec Purchase Method Fibreglass body Apr. 9700 SL Apr 09 Cost 5 46.500 $9.000 Estule 15 y $121.500 On June 27, 2017. $81.000 cash was paid for a new motor to replace the old one, which was scrapped....
Sunland Company borrowed $50,400 on November 1, 2017, by signing a $50,400, 9%, 3-month note. Prepare...
Sunland Company borrowed $50,400 on November 1, 2017, by signing
a $50,400, 9%, 3-month note. Prepare Sunland’s November 1, 2017,
entry; the December 31, 2017, annual adjusting entry; and the
February 1, 2018, entry. (If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
11/1/17
12/31/17
2/1/18
Exercise 10-03 On June 1, Crane Company Ltd. borrows $99,000 from Acme Bank on a 6-month,...
Exercise 10-03 On June 1, Crane Company Ltd. borrows $99,000 from Acme Bank on a 6-month, $99,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is...
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%, 3-month note. Prepar...
Brief Exercise 13-2 Sunland Company
borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%,
3-month note. Prepare Sunland’s November 1, 2017, entry; the
December 31, 2017, annual adjusting entry; and the February 1,
2018, entry. (If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017,...
please answer it correct and explain it were 18-10 On March 1, 2017, Sweet Company old...
please answer it correct and explain it
were 18-10 On March 1, 2017, Sweet Company old goods to Go Inc. for $642,000 in exchange for a 5 year, were interest-bearing note in the face amount of $1,033,947 (an inputed rate of 10%). The goods have an inventory coton Sweet's books of $405.000 Ka) Prepare the journal entries for Sweet on March 1, 2017. (Cr a count thesare automatiwly indented when the amount is entered to not in manually. If no...
Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Blossom sells 5,100 subscriptions for cash, beginning with the December issue. Blossom prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end (a) Prepare the entry in November for the receipt of the subscriptions. (Credit account titles...
Ivanhoe Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Ivanhoe sells 6,000 subscriptions for cash, beginning with the December issue. Ivanhoe prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are...
ivanhoe company Ltd publishes a monthy sports magazine,
fishing preview. subscriptions to the magazine cost $28 per year.
during november 2022, ivanhoe sells 6,000 subscriptions for cash,
beginning with the december issue. ivanhoe prepares financial
statements quarterly and recognizes subcription revenue at the end
of the quartee. the company uses the accounts unearned subcription
revenue and subscription revenue. the company has a december 31
year end
Date Account Titles and Explanation Debit Credit Nov. Prepare the adjusting entry at December...
3. Moreno Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost RM20 per year. During November 2017, Moreno sells 15,000 subscriptions beginning with the December issue. Moreno prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. Required: (a) Prepare the entry in November for the receipt of the subscriptions. (b) Prepare the adjusting entry at December 31, 2017, to record...
Ocean Fishers Ltd had a 22.foot fishing boat with an inboard motor that was purchased on April 9. 2009. for $121,500. The PPE Sub lodger shows the following information regarding the boat Fishing Boat - 22 Foot Wohnboard Motor: Component Date of Depec Purchase Method Fibreglass body Apr. 9700 SL Apr 09 Cost 5 46.500 $9.000 Estule 15 y $121.500 On June 27, 2017. $81.000 cash was paid for a new motor to replace the old one, which was scrapped....
Sunland Company borrowed $50,400 on November 1, 2017, by signing
a $50,400, 9%, 3-month note. Prepare Sunland’s November 1, 2017,
entry; the December 31, 2017, annual adjusting entry; and the
February 1, 2018, entry. (If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
11/1/17
12/31/17
2/1/18
Exercise 10-03 On June 1, Crane Company Ltd. borrows $99,000 from Acme Bank on a 6-month, $99,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is...
Brief Exercise 13-2 Sunland Company
borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%,
3-month note. Prepare Sunland’s November 1, 2017, entry; the
December 31, 2017, annual adjusting entry; and the February 1,
2018, entry. (If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017,...
please answer it correct and explain it
were 18-10 On March 1, 2017, Sweet Company old goods to Go Inc. for $642,000 in exchange for a 5 year, were interest-bearing note in the face amount of $1,033,947 (an inputed rate of 10%). The goods have an inventory coton Sweet's books of $405.000 Ka) Prepare the journal entries for Sweet on March 1, 2017. (Cr a count thesare automatiwly indented when the amount is entered to not in manually. If no...
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