Homework Answers
| Journal entries | |||||||
| S.no. | Accounts title and explanations | Debit $ | Credit $ | ||||
| a. | Cash account | 1,30,000 | |||||
| Unearned subscription revenue | 1,30,000 | ||||||
| (for subscription received in advance) | |||||||
| b. | Unearned Subscription revenue | 6,000 | |||||
| Subscription revenue | 6,000 | ||||||
| (for revenue earned) | |||||||
| UNEARNED SUBSCRIPTION REVENUE | |||||||
| Beginning balance | 0 | 6,000 | Subscription revenue | ||||
| Cash account | 1,30,000 | ||||||
| Ending balance | 1,24,000 | ||||||
| SUBSCRIPTION REVENUE | |||||||
| Beginning balance | 0 | ||||||
| Subscription revenue | 6,000 | ||||||
| Ending balance | 6,000 | ||||||
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Northern Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over...
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ceipt of $100,000 cash. (Record debits first, then credits. Select the explanation on the last line of the journal entry Debit Credit Requirements Record the journal entry to record the original receipt of $100,000 cash. Record the adjusting entry that Westside Magazine makes to record earning $11,000 in subscription revenue that was collected in advance. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances after adjustments. (Ignore the Cash account.) 1. 2....
Required 1. Complete the paragraph explaining why unearned revenues are liabilities instead of revenues. In the...
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please answer s3-9 and s3-10 TT DUUR Value on May 31? S3-9 Journalizing and posting an...
please answer s3-9 and s3-10
TT DUUR Value on May 31? S3-9 Journalizing and posting an adjusting entry for unearned revenue Southern Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period. Learning Learnir Requirements 1. Record the journal entry to record the original receipt of $150,000 cash. 2. Record the adjusting entry that Southern Magazine makes to record earning $9,000 in subscription revenue that was collected in advance. 3. Using T-accounts,...
Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and...
Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when Seacoast Magazine should record revenue for this situation. b. the amount of revenue Seacoast Magazine should record for eight issues.
Required 1. Complete the paragraph explaining why neamed revenues are labilities instead of revenues. In the...
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Required 1. Complete the paragraph explaining why unearmed reverues are liablities instead of revenues. In the...
Required 1. Complete the paragraph explaining why unearmed reverues are liablities instead of revenues. In the explanation, use the folowing actual example: Maclean's magazine colects cash from subscribers in advance and later delivers magazines to svbscribers over a one-year peried. Explain what happers to the uneamed subsoription revenue over the course of a year as Maclean's delvers magazines to subscribers. Into what accoust does the uneamed subscriotion revenue go as Mackan's delivers magazines? 2. Give the jourmal entries that Maclean's...
On May 1, Nick's Sport Shop of Toledo prepaid six months of rent $4.800 Read the...
On May 1, Nick's Sport Shop of Toledo prepaid six months of rent $4.800 Read the requirements Requirement 1. Record the journal entry for the May 1 payment Record debits first, then credits Select the explanation on the lastne of the journal entry table> Date Accounts and Explanation Debit Credit May 1 Requirement 2. Record the adjusting entry required at May 31 (Record debits first the credits Select the explanation on the last line of the journal entry table Date...
Complete the paragraph to explain why unearned revenues are liabilities instead of revenues. In the explanation,...
Complete the paragraph to explain why unearned revenues are
liabilities instead of revenues. In the explanation, use the
following actual example: The New York Times , a national
newspaper, collects cash from subscribers in advance and later
provides news content via print newspapers and online access to
subscribers over a one-year period. Explain what happens to the
unearned revenue over the course of a year as The New York Times
delivers papers and online content to subscribers. Into what
account...
On October 1, Ace Sport of Toledo prepaid six months of rent, $3,900. Read the requirements....
On October 1, Ace Sport of Toledo prepaid six months of rent, $3,900. Read the requirements. 1 Requirements Requirement 1. Record the journal entry for the October 1 payment. (Record debits first, then credits. Select the explanation on the last line of the journal entry Date Accounts and Explanation Debit Credit Oct. 1 1. Record the journal entry for the October 1 payment. 2. Record the adjusting entry required at October 31. 3. Using T-accounts, post the journal entry and...
Sunland Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20...
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ceipt of $100,000 cash. (Record debits first, then credits. Select the explanation on the last line of the journal entry Debit Credit Requirements Record the journal entry to record the original receipt of $100,000 cash. Record the adjusting entry that Westside Magazine makes to record earning $11,000 in subscription revenue that was collected in advance. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances after adjustments. (Ignore the Cash account.) 1. 2....
Required 1. Complete the paragraph explaining why unearned revenues are liabilities instead of revenues. In the explanation, use the following actual example: Maclean's magazine collects cash from subscribers in advance and later delivers magazines to subscribers over a one-year period. Explain what happens to the unearned subscription revenue over the course of a year as Maclean's delivers magazines to subscribers. Into what account does the unearned subscription revenue go as Maclean's delivers magazines? 2. Give the journal entries that Maclean's...
please answer s3-9 and s3-10
TT DUUR Value on May 31? S3-9 Journalizing and posting an adjusting entry for unearned revenue Southern Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period. Learning Learnir Requirements 1. Record the journal entry to record the original receipt of $150,000 cash. 2. Record the adjusting entry that Southern Magazine makes to record earning $9,000 in subscription revenue that was collected in advance. 3. Using T-accounts,...
Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when Seacoast Magazine should record revenue for this situation. b. the amount of revenue Seacoast Magazine should record for eight issues.
Required 1. Complete the paragraph explaining why neamed revenues are labilities instead of revenues. In the exploration, use the following actual example: Mecano's magazine collects canh trom subscribers in advance and later delivers magazines to subscribers over a one-year period. Explain what happens to the neared subscription revenue over the course of a year as Maclean's delivers magazines to subscrbers into what account does the named subscription revenue gos Maclean's delivers magazines? 2. Give the journal entries that Maclean's would...
Required 1. Complete the paragraph explaining why unearmed reverues are liablities instead of revenues. In the explanation, use the folowing actual example: Maclean's magazine colects cash from subscribers in advance and later delivers magazines to svbscribers over a one-year peried. Explain what happers to the uneamed subsoription revenue over the course of a year as Maclean's delvers magazines to subscribers. Into what accoust does the uneamed subscriotion revenue go as Mackan's delivers magazines? 2. Give the jourmal entries that Maclean's...
On May 1, Nick's Sport Shop of Toledo prepaid six months of rent $4.800 Read the requirements Requirement 1. Record the journal entry for the May 1 payment Record debits first, then credits Select the explanation on the lastne of the journal entry table> Date Accounts and Explanation Debit Credit May 1 Requirement 2. Record the adjusting entry required at May 31 (Record debits first the credits Select the explanation on the last line of the journal entry table Date...
Complete the paragraph to explain why unearned revenues are
liabilities instead of revenues. In the explanation, use the
following actual example: The New York Times , a national
newspaper, collects cash from subscribers in advance and later
provides news content via print newspapers and online access to
subscribers over a one-year period. Explain what happens to the
unearned revenue over the course of a year as The New York Times
delivers papers and online content to subscribers. Into what
account...
On October 1, Ace Sport of Toledo prepaid six months of rent, $3,900. Read the requirements. 1 Requirements Requirement 1. Record the journal entry for the October 1 payment. (Record debits first, then credits. Select the explanation on the last line of the journal entry Date Accounts and Explanation Debit Credit Oct. 1 1. Record the journal entry for the October 1 payment. 2. Record the adjusting entry required at October 31. 3. Using T-accounts, post the journal entry and...
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