Question

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. rd debit ine makes 3. Print Done usting entry to the accounts involved and show their balances after adjustments (Iignore the Cash account,) (Us

Answer 1

A	B	C	D	E	F	G	H	I	J
2
3		1)
4
5		Original recieipt of subscription receipt of $100,000 in advance will be treated as unearned revenue.
6
7		Journal entry will be as follows:
8		Account	Debit	Credit
9		Cash	$100,000
10		Unearned subscription Revenue		$100,000
11
12		2)
13
14		Journal entry to record earnings of $11,000 of unearned revenue:
15
16		Account	Debit	Credit
17		Unearned subscription Revenue	$11,000
18		Subscription Revenue		$11,000
19
20		3)
21
22		Unearned Subscription Revenue
23			Debit	Credit
24				$100,000
25			$11,000
26
27		Subscription Revenue
28			Debit	Credit
29				$11,000
30
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