Riesen Publishers is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Sales of...
|
Riesen Publishers is a publisher of magazines. Its accounting policy for subscriptions follows: |
| Revenues | ||
|
Sales of our magazine subscriptions are deferred (as unearned revenue) and recognized as revenues proportionately over the subscription period. |
||
|
Assume that Riesen Publishers (a) collected $560 million in 2015 for magazines that will be delivered later in 2015 and 2016, and (b) delivered $274 million worth of magazines on these subscriptions in 2015. |
Record the collection of $560,000,000 for magazine subscriptions to be delivered later in 2015 and 2016.
Record the subscription revenue of $274,000,000 earned in 2015.
Record the subscription revenue earned in 2016.
Homework Answers
| 1 | Cash | 560,000,000 | |
| Unearned subscription revenue | 560,000,000 | ||
| 2 | Unearned subscription revenue | 274,000,000 | |
| Subscription revenue | 274,000,000 | ||
| 3 | Unearned subscription revenue | 286,000,000 | |
| Subscription revenue | 286,000,000 |
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Riesen Publishers is a publisher of magazines. Its accounting
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