Question
Advance Payments for Goods The Chicago Daily Times Corporation (CDT) publishes a daily newspaper. A 52-week subscription sells for $221. Assume that CDT sells 100
Advance Payments for Goods The Chicago Daily Times Corporation (CDT) publishes a daily newspaper. A 52-week subscription sells for $221. 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. Round all answers to the nearest dollar.
a.
| General Journal | |||
|---|---|---|---|
| Date | Description | Debit | Credit |
| Jan.1 | AnswerCashUnearned Subscription RevenueSubscription Revenue | $Answer | $Answer |
| AnswerCashUnearned Subscription RevenueSubscription Revenue | Answer | Answer | |
| To record subscriptions received. | |||
b.
| General Journal | |||
|---|---|---|---|
| Date | Description | Debit | Credit |
| Mar.25 | AnswerCashUnearned Subscription RevenueSubscription Revenue | $Answer | $Answer |
| AnswerCashUnearned Subscription RevenueSubscription Revenue | Answer | Answer | |
| To record subscription revenue earned. | |||
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Basic Accounting Concepts Principles And Procedures Volume 2
Authors: Gregory Mostyn, Worthy And James
1st Edition
0979149495, 9780979149498
