Homework Answers
OPtion A------$125000 debit to unearned revenue
Adjusting entry at 31st December,2020 would be
Unearned Revenue. Debit 125000
Income Revenue Credit. 125000
( Being income recognized for 5 issues I.e 300000*5/12)
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Magazine Corp. sold $300,000 of “Field Hockey Digest" subscriptions on August 1, 2020, and recorded the...
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...
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...
Ayayai Magazine sold 11,280 annual subscriptions on August 1, 2020, for $20 each. Prepare Ayayai’s August...
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Can someone please answer? 56. A magazine company received $1,200 cash for subscriptions in August for...
Can someone please answer? 56. A magazine company received $1,200 cash for subscriptions in August for magazines to be mailed in September 2004 through December 2004. It originally recorded the amount received in a "temporary" account. After mailing 1/4 of the magazines in September 2004, the correct adjusting entry at the end of September (adjusting entries are made monthly by the Company) will be: Subscriptions Revenue 300 Unearned Revenue 300 Subscriptions Revenue 900 Unearned Revenue 900 Unearned Revenue 300 Subscriptions...
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.)
Ivanhoe Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28...
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On August 1, 2009, a magazine publisher receives $24 cash for a year s subscription ending...
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Vaughn Manufacturing received cash of $63600 on August 1, 2020 for one year's rent in advance...
Vaughn Manufacturing received cash of $63600 on August 1, 2020
for one year's rent in advance and recorded the transaction with a
credit to Rent Revenue. The December 31, 2020 adjusting entry
is
debit Unearned Rent Revenue and credit Rent Revenue,
$26500.
debit Rent Revenue and credit Unearned Rent Revenue,
$37100.
debit Cash and credit Unearned Rent Revenue, $37100.
debit Rent Revenue and credit Unearned Rent Revenue,
$26500.
An advance payment of $1,000 for services was received on December 1 and was recorded as...
An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. By the end of the year, $400 had been earned Demonstrate what the correct adjusting entry should include by choosing the correct statement below. O Debit Unearned revenues for $600. O Debit Unearned revenues for $400. O Debit Service revenue for $400. Credit Unearned revenues for $400
The trial balance for Novak Corp. on August 31 is as follows: Novak Corp. Trial Balance...
The trial balance for Novak Corp. on August 31 is as follows: Novak Corp. Trial Balance August 31, 2020 Debit Credit $6,900 3,000 1,950 21,300 141,000 $20,304 12,000 Cash Prepaid insurance Supplies Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Unearned rent revenue Notes payable Common shares Retained earnings Dividends 3,240 4,400 4,600 78,000 81,000 4,250 4,850 71,000 49,314 Rent revenue Salaries and wages expense Insurance expense Interest expense Utilities expense Repairs and maintenance expense 10,500 3,900 8,300...
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...
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...
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...
Vaughn Manufacturing received cash of $63600 on August 1, 2020
for one year's rent in advance and recorded the transaction with a
credit to Rent Revenue. The December 31, 2020 adjusting entry
is
debit Unearned Rent Revenue and credit Rent Revenue,
$26500.
debit Rent Revenue and credit Unearned Rent Revenue,
$37100.
debit Cash and credit Unearned Rent Revenue, $37100.
debit Rent Revenue and credit Unearned Rent Revenue,
$26500.
An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. By the end of the year, $400 had been earned Demonstrate what the correct adjusting entry should include by choosing the correct statement below. O Debit Unearned revenues for $600. O Debit Unearned revenues for $400. O Debit Service revenue for $400. Credit Unearned revenues for $400
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