The Petaluma Daily Times Corporation (CDT) publishes a daily newspaper. A 52 -week subscription sells for ($
Question:
The Petaluma Daily Times Corporation (CDT) publishes a daily newspaper. A 52 -week subscription sells for \(\$ 260\). Assume that CDT sells 100 subscriptions on January 1. None of the subscriptions are cancelled as of March 31.
a. Prepare a journal entry to record the receipt of the subscriptions on January 1.
b. Prepare a journal entry to record one week of earned revenue on March 25.
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