Chapter 10 HW Saved 4 Part 2 of 2 Required Information [The following information applies to the questions displayed below.] The Tennis Times (TTT) is a publisher of magazines. Its accounting policy for subscriptions follows: L11 points Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TTT (a) collected $420 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $204 million of services on these subscriptions in 2021, and (c) provided $216 million of services on these subscriptions in 2022 eBook Hint 2. Using the information given, prepare the journal entries that would be recorded for (a), (b), and (). (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.) Print View transaction list References Journal entry worksheet Record the collection of $420,000,000 for magazine subscriptions to be delivered later in 2021 and 2022. Note: Enter debits before credits. Date General Journal Debit Credit 2021 Cash 420.000.000 Record entry Clear entry View general journal Required Information [The following information applies to the questions displayed below.] The Tennis Times (TTT) 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 TTT (a) collected $420 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $204 million of services on these subscriptions in 2021, and (c) provided $216 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 (2). (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 Record the service revenue of $204,000,000 earned in 2021. Note: Enter debits before credits. Date General Journal Debit Credit 2021 Record entry Clear entry View general journal Required Information [The following information applies to the questions displayed below.] The Tennis Times (TTT) 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 TTT (a) collected $420 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $204 million of services on these subscriptions in 2021, and (a) provided $216 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 (). (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 2 3 > Record the service revenue of $216,000,000 earned in 2022. Note: Enter debits before credits. Date General Journal Debit Credit 2022 Record entry Clear entry View general journal
