A New York City daily newspaper called "Manhattan Today" charges an annual subscription fee of $540. Customers prepay their subscriptions and receive 270 issues over the year. To attract more subscribers, the company offered new subscribers the ability to pay $510 for an annual subscription that also would include a coupon to receive a 40% discount on a one-hour ride through Central Park in a horse-drawn carriage. The list price of a carriage ride is $500 per hour. The company estimates that approximately 30% of the coupons will be redeemed. Required: 1. How much revenue should Manhattan Today recognize upon receipt of the $510 subscription price? 2. How many performance obligations exist in this contract? 3. Prepare the journal entry to recognize sale of 15 new subscriptions, clearly identifying the revenue or deferred revenue associated with each performance obligation At the end of the year, Breyer Associates had a credit balance in its allowance for uncollectible accounts of $11,000 before adjustment The balance in Breyer's gross accounts receivable is $650,000, Breyer's management estimates that 8% of its accounts receivable balance will not be collected. What journal entry should Breyer record to adjust its allowance for uncollectible accounts? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment to the allowance for uncollectible accounts. Note: Enter debits before credits Transaction General Journal Debit Credit 1