Homework Answers
Correct answer------------Debit deferred revenue and credit service revenue for $9000.
.
| Subscription earned for 9 months (12000/12*9) | $ 9,000.00 |
Service revenue for 9 month has been earned till december and that should be recorded. The balance of unearned deferred revenue will be reduced by $9000 by debit .
Add Answer to:
PrimeFlix sells one-year online subscriptions for viewing classic movies. Customers are required to pay for the...
A company provides maintenance services to customers. The company's policy is to provide services and then...
A company provides maintenance services to customers. The company's policy is to provide services and then bill customers on the 10th of the following month. In December 2021, the company provided services of $14.000 and plans to bill customers on January 10, 2022. What adjusting entry, if any, will the company record on December 31, 2021? Multiple Choice Debit Accounts Receivable and credit Deferred Revenue for $14,000. Debit Accounts Receivable and credit Service Revenue for $14,000. 0 Debit Service Revenue...
Need this answered within the hour, it's super quick thank you Vogue Magazine sells magazine subscriptions...
Need this answered within the hour, it's super quick thank
you
Vogue Magazine sells magazine subscriptions to customers. Customers pay in advance for the full year's subscription. During the year, Vogue collected $220,000 from customers. Vogue's balance in deferred revenue decreased by $10,000 during the year. How much revenue did Vogue Magazines record during the year? (Hint: you can make up any beginning and ending balance as long as the ending is $10000 less than the beginning). Multiple Choice $220,000...
On October 1, 2019, Paige Turner Publishing received $61,800 in cash for subscriptions covering one year,...
On October 1, 2019, Paige Turner Publishing received $61,800 in cash for subscriptions covering one year, recording the entry as a debit to Cash and a credit to Unearned Subscriptions. The correct adjusting entry at December 31, 2019, is Multiple Choice Debit Unearned Subscriptions $5,150; credit Subscriptions Income $5,150. Debit Unearned Subscriptions $61,800; credit Subscriptions Income $61,800. Debit Subscriptions Income $15,450; credit Unearned Subscriptions $15,450. Debit Unearned Subscriptions $15,450; credit Subscriptions Income $15,450.
Ivanhoe Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28...
Ivanhoe Company Ltd. publishes a monthly 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 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. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are...
C. Deferred revenues—subscription fees Tremblay Inc. publishes a monthly newsletter for retail marketing managers and requires...
C. Deferred revenues—subscription fees Tremblay Inc. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $72 in advance for a one-year subscription. During the month of April 2018, Tremblay Inc. sold 160 one-year subscriptions and received payments in advance from all new subscribers. Only 85 of the new subscribers paid their fees in time to receive the April newsletter. The other subscribers received the newsletter in May. Required: Prepare journal entries to record the subscription...
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...
Ms. Spencer started a fashion magazine company in which customers were required to pay her $120...
Ms. Spencer started a fashion magazine company in which customers were required to pay her $120 in advance for a year's subscription in which the customer receives one magazine each month. In December 2019 she received 10,000 subscription orders and in January 2020 she published her first magazine. Please prepare the journal entry for the issuance of the magazine in January. Select one: a. Debit: Unearned Subscription Revenue 1,200,000 Credit: Subscription Revenue 1,200,000 b. Debit: Cash 120,000 Credit: Subscription Revenue...
Hang On Publishing Company publishes The Accountant magazine and sells one-year subscriptions to its customers. On...
Hang On Publishing Company publishes The Accountant magazine and sells one-year subscriptions to its customers. On April 1, 2019, the company prepays an annual insurance policy of $15,000, covering the period of 4/1/2019 – 3/31/2020. How much Insurance Expense should the company recognize for the period ended December 31, 2019? Assume the company uses an annual accounting period and makes all adjusting entries on December 31st. a. $1,250. b. $15,000. c. $0. d. $11,250. e. $3,750.
A gym offers one-year memberships for $99 and requires customers to pay the full amount of...
A gym offers one-year memberships for $99 and requires customers to pay the full amount of cash at the beginning of the membership period. For the gym, this is an example of a(n): Multiple Choice Accrued expense. Accrued revenue. Prepaid expense. Deferred revenue.
Lake Power Sports sells jet skis and other powered recreational equipment. Customers pay one-third of the...
Lake Power Sports sells jet skis and other powered recreational equipment. Customers pay one-third of the sales price of a jet ski when they initially purchase the ski, and then pay another one-third each year for the next two years. Because Lake has little information about the ability to collect these receivables, it uses the installment sales method for revenue recognition. In 2020, Lake began operations and sold jet skis with a total price of $630,000 that cost Lake $315,000....
A company provides maintenance services to customers. The company's policy is to provide services and then bill customers on the 10th of the following month. In December 2021, the company provided services of $14.000 and plans to bill customers on January 10, 2022. What adjusting entry, if any, will the company record on December 31, 2021? Multiple Choice Debit Accounts Receivable and credit Deferred Revenue for $14,000. Debit Accounts Receivable and credit Service Revenue for $14,000. 0 Debit Service Revenue...
Need this answered within the hour, it's super quick thank
you
Vogue Magazine sells magazine subscriptions to customers. Customers pay in advance for the full year's subscription. During the year, Vogue collected $220,000 from customers. Vogue's balance in deferred revenue decreased by $10,000 during the year. How much revenue did Vogue Magazines record during the year? (Hint: you can make up any beginning and ending balance as long as the ending is $10000 less than the beginning). Multiple Choice $220,000...
Ivanhoe Company Ltd. publishes a monthly 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 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. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are...
C. Deferred revenues—subscription fees Tremblay Inc. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $72 in advance for a one-year subscription. During the month of April 2018, Tremblay Inc. sold 160 one-year subscriptions and received payments in advance from all new subscribers. Only 85 of the new subscribers paid their fees in time to receive the April newsletter. The other subscribers received the newsletter in May. Required: Prepare journal entries to record the subscription...
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...
Most questions answered within 3 hours.
-
How much must I invest today if I want to withdraw 1/3 of my
original investment...
asked 1 hour ago -
What is meant by a “term premium”?
What can explain such a premium? Is it a...
asked 3 hours ago -
23. Which molecule has only covalent bonds? A. CO2 B. Al2O3 C.
Mg3N2
24. The octet...
asked 3 hours ago -
the
total pressure for a mixture of N2O4 and NO2 is 2.20 atm. If Kp=
7.10...
asked 4 hours ago -
Delaware Corp. prepared a master budget that included $22,385
for direct materials, $28,600 for direct labor,...
asked 3 hours ago -
For pesticide HCB (hexachlorobenzene), its logarithmic partition
coefficient log Kow is 5.6. What would be the...
asked 4 hours ago -
A chemist requires 0.422 mil Na2CO3 for a reaction. How many
grams does this correspond to?
asked 4 hours ago -
If the vapor pressure of carvone is approximately 9.4 torr at 99
°C, approximately how much...
asked 4 hours ago -
A juice bottling company is carrying out a test at 10%
significance that the mean population...
asked 4 hours ago -
What is the reflectivity (in percent) needed to keep water at a
temperature near its freezing...
asked 4 hours ago -
Suppose that the average surface temperature of Earth is 300K.
Assume this is uniform over its...
asked 4 hours ago -
Draw the condensed structural formula for alkenes and alkynes or
the line-angle structural formula for cycloalkenes...
asked 4 hours ago