00 8 Part 1 of 2 Skipped Required Information [The following information applies to the questions displayed below.] The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $500 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $244 million of services on these subscriptions in 2021, and (c) provided $256 million of services on these subscriptions In 2022. Required: 1. Using the information given, indicate the accounts, amounts, and accounting equation effects of transactions (a), (b), and (c). (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign. Enter your answers in whole dollars.) Transaction (a) (b) (c) Accounts Payable Assets Accounts Receivable Accumulated Amortization Accumulated Depreciation-Buildings Liabilities + + Stockholders' Equity Check my work 9 The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Part 2 of 2 Sipped Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $500 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $244 million of services on these subscriptions in 2021, and (c) provided $256 million of services on these subscriptions in 2022. 2. Using the information given, prepare the journal entries that would be recorded for (a), (b), and (c). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 23 Record the collection of $500,000,000 for magazine subscriptions to be delivered later in 2021 and 2022. Note: Enter debits before credits. Date 2021 General Journal Debit Credit Record entry Clear entry View general journal Check my work 2. Using the information given, prepare the journal entries that would be recorded for (a), (b), and (c). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 2 3 Record the service revenue of $244,000,000 earned in 2021. Note: Enter debits before credits. Date 2021 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 Record the service revenue of $256,000,000 earned in 2022. Note: Enter debits before credits. Date 2022 General Journal Debit Credit Record entry Clear entry View general journal