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Bridgeport Magazine sold 11,640 annual subscriptions on August 1, 2017, for $13 each

Brief Exercise 13-4 

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.)

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Answer #1
Date Account titles and explanation Debit Credit
Aug 1 Cash(11,640 x $13) $151,320
Unearned Sales Revenue $151,320
Dec. 31 Unearned Sales Revenue($151,320 x 5/12) $63,050
Sales Revenue $63,050
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