Question

Ivanhoe Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. D

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Journal entry

Date account title and explanation Debit Credit
Nov Cash (6000*28) 168000
Unearned subscription revenue 168000
Dec 31 Unearned subscription revenue (168000/12) 14000
Subscription revenue 14000
Mar 31 Unearned subscription revenue (14000*3) 42000
Subscription revenue 42000
Add a comment
Know the answer?
Add Answer to:
Ivanhoe Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 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...

  • 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...

  • 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...

  • Bridgeport Magazine sold 11,640 annual subscriptions on August 1, 2017, for $13 each. Prepare Bridgeport’s August 1, 201...

    Bridgeport Magazine sold 11,640 annual subscriptions on August 1, 2017, for $13 each. Prepare Bridgeport’s August 1, 2017, journal entry and the December 31, 2017, annual adjusting entry, assuming the magazines are published and delivered monthly. (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 13-4 Your answer is partially correct. Try again. Bridgeport Magazine...

  • Bridgeport Magazine sold 11,640 annual subscriptions on August 1, 2017, for $13 each. Prepare Bridgeport’s August 1, 201...

    Bridgeport Magazine sold 11,640 annual subscriptions on August 1, 2017, for $13 each. Prepare Bridgeport’s August 1, 2017, journal entry and the December 31, 2017, annual adjusting entry, assuming the magazines are published and delivered monthly. (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.) Bridgeport Magazine sold 11,640 annual subscriptions on August 1, 2017, for $13...

  • Flint Corporation issued 2,900 7%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest...

    Flint Corporation issued 2,900 7%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account titles are automatically...

  • Culver Corporation issued 2,800 9%, 7-year $1,000 bonds dated January 1, 2022, at face value. Interest...

    Culver Corporation issued 2,800 9%, 7-year $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1,2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account titles are automatically indented...

  • Brief Exercise 10-10 Indigo Corporation issued 3,000 8%, 6-year, $1,000 bonds dated January 1, 2022, at...

    Brief Exercise 10-10 Indigo Corporation issued 3,000 8%, 6-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account...

  • Brief Exercise 10-10 Monty Corp. issued 1,900 5%, 9-year, $1,000 bonds dated January 1, 2022, at...

    Brief Exercise 10-10 Monty Corp. issued 1,900 5%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account...

  • Current Attempt in Progress Martinez Corp. issued 1,800 8%, 8-year $1.000 bonds dated January 1, 2022, at face value. I...

    Current Attempt in Progress Martinez Corp. issued 1,800 8%, 8-year $1.000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT