(L. OBJ. 2) Applying the revenue principle [5 min]
Arizona Magazine sells annual subscriptions for the 12 monthly magazines mailed out each year. The company collects cash in advance and then mails out the magazines to subscribers each month.
Requirement
1. Apply the revenue principle to determine
a. when Arizona Magazine should record revenue for this situation.
b. the amount of revenue Arizona Magazine should record for the magazines mailed out January through March.
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