Question
Advance Payments for Goods The Petaluma Daily Times Corporation (CDT) publishes a daily newspaper. A 52-week subscription sells for $260. Assume that CDT sells 100
Advance Payments for Goods 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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Financial Accounting Reporting Analysis And Decision Making
Authors: Shirley Carlon, Rosina Mcalpine, Chrisann Lee, Lorena Mitrione, Ngaire Kirk, Lily Wong
7th Edition
0730395294, 978-0730395294
